Downing Street Says » CBI Speech

» Wednesday, May 20, 2009

CBI Speech

The Prime Minister s Spokesman (PMS) began by saying that the Prime Minister was delivering a speech at the CBI annual dinner tonight. The Prime Minister would speak without a script on the economy in the UK and internationally. The message in the speech would reiterate much of what the Chancellor said in his interview with the Times today. The Prime Minister would make clear that we continued to face challenging conditions in the global economy, for example in Japan we had seen a four per cent decline in the first quarter of this year. Last week we saw figures from the Euro area showing growth was -2.5 per cent and that growth was -3.8 per cent in Germany, compared to 1.9 per cent in the UK.

We were continuing to face difficult economic conditions globally and as the International Monetary Fund was saying today we had taken action to deal with the crisis in the UK. The Prime Minister would tonight make clear that, faced with the challenging global economic environment there could be no complacency about the current situation and the recovery. While we were better placed than we had been in the past going into the downturn, we needed to continue to act to ensure that banks delivered on their commitments on bank lending and that action was taken on fiscal policy in order to mitigate the impact of the global economy on the UK.

Asked why the Prime Minister was delivering such an important speech without a script, the PMS said that the Prime Minister quite often delivered speeches without a script; he knew what he would be saying in advance and sometimes he preferred to deliver speeches in a more informal way, and tonight was an after dinner speech.

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CBI Speech

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