» Friday, January 23, 2009


Put that the Prime Minister had answered the question of when the recession would end by saying that it depended on the international situation and was that not an indication that he didn’t know when it would end, the PMS said that the Prime Minister had set out the reasons in quite some detail in his Today Programme interview about why exactly international cooperation had a bearing on the global economic situation and the economy in this country.

One of the elements of the current problems faced by businesses was that international wholesale markets were not operating as they should and that had an impact on domestic lending. So clearly the degree of international cooperation in terms of measures taken by Governments to resolve problems with lending would have an impact on what happened in this country.

Put that in terms of time we just didn’t know, the PMS replied that the Prime Minister had set out his reasoning on that clearly and so had the Chancellor a short time ago. The Chancellor had said that the Government set out its forecasts in the Pre-Budget Report and the Budget.

Asked whether the PBR forecast that stated that the UK would be back into growth by July was redundant now, the PMS said that the Chancellor had given quite an extensive answer on that, saying that this was a sharper downturn than many had thought due to the collapse in export markets and we would set out our next forecast in the Budget.

Asked if the Prime Minister was expecting a resumption in foreign money coming back into the UK, the PMS replied that he was not going to make a prediction about whether or not that money would come back. It was an element that was feeding into the problem that banks were facing and consequently businesses were facing. One of the sources of lending was not operating as it had done and that consequently had an impact on businesses ability to access credit.

Put that RBS had sent an open letter to Jim Rodgers criticising him for undermining the British economy and had there been any Treasury involvement in the letter, the PMS said he had not seen the letter and he advised people to address the question to the Treasury.

original source.

Briefing took place at 11:00 | Search for related news

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