Global Economic Situation

Part of Oral Answers to Questions — Treasury – in the House of Commons at 10:30 am on 12th February 2009.

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Photo of Stephen Timms Stephen Timms Financial Secretary (HM Treasury) (also in the Department for Business, Innovation and Skills) 10:30 am, 12th February 2009

As the hon. Gentleman knows, we will publish updated forecasts at the time of the Budget, as normal. They will include a full assessment of developments and prospects for the United Kingdom and the global economy.

Just a couple of weeks ago, the Institute for Fiscal Studies said that

"our central forecast is that the UK will avoid deep and prolonged recession thanks to the enormous monetary and substantial fiscal stimuli already announced."

We are taking the action that is needed domestically, which contrasts with the do nothing policies of the hon. Gentleman's party.

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