Downing Street Says

» Thursday, September 8, 2011

Economy

Asked if the PM was disappointed by the OECD’s forecast, the Prime Minister’s Spokesman referred the assembled journalists to the Chancellor’s speech earlier this week, where he had set out that there was still a significant overhang of debt in the UK and many other countries, highlighting that recoveries following financial crises tend to be slower and choppier.

He stressed that the UK had experienced a very sharp and very deep recession and highlighted evidence that showed when it followed a financial crisis, it could take longer to recover from a recession.

Asked if he would like to comment on the risk that the EU’s economy could contract, the PMS said that the OECD had forecast continued growth in the UK and had also revised its forecasts for the rest of the world. He highlighted that the Chief Economist of OECD said that the Government should not change its path.

Asked if the PM would accept that the OECD had predicted a double dip recession, the PMS replied that OECD had not predicted that.

Asked if the UK was taking a passive approach to dealing with the deficit, the PMS replied that it was a question of setting the right economic policy. For countries with significant deficits, the priority was to have plans in place to tackle them.

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