Downing Street Says » PM Economy Speech

» Thursday, March 7, 2013

PM Economy Speech

Asked whether the Prime Minister (PM) believed there was a case for borrowing more money for capital spending, the PMS said that the PM’s view was as set out in his forthcoming speech. He added that the PM thought it very important to stick the course and that on infrastructure spending the Government had already increased capital spending plans by 20bn.

Asked about the PM’s views on the Business Secretary’s comments, the PMS said that as the Business Secretary had set out earlier that the Government has the right approach.

Asked about the Deputy Prime Minister’s (DPM) suggestions that the Treasury Guarantee schemes were taking too long and whether the PM was concerned, the PMS replied that the Government’s growth policy was imbued with a sense of urgency and that would be reiterated in the PM’s speech.

Asked several questions about the approval process for the Business Secretary’s speech, the PMS said that the PM’s speech was the Government’s approach.

Asked what sticking to the course mean, when the two parts of the fiscal mandate as set out in the emergency budget had been broken, the PMS said it was the one clearly set out in the 2012 Autumn Statement. He added that there was a rolling five year mandate and supplementary debt target.

Asked that as the PM had suggested we are seeing green shoots, was he confident that we would avoid a triple dip recession, the PMS pointed to the PM’s speech in which he said that there are signs that the Government’s plans is beginning to work but added that forecasting is for the Independent Office of Budget Responsibility.

Asked what the danger was in borrowing more money, the PMS said that this was about maintaining fiscal credibility which had helped deliver historically low borrowing costs for mortgage holders and small businesses.

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