HISTORIC PRESS RELEASE : First ever Economic and Fiscal Strategy Report [June 1998]

The press release issued by HM Treasury on 11 June 1998.

‘Stability and Investment for the Long Term’, is the message of the first ever Economic and Fiscal Strategy Report published today.  It lays the foundations for the Comprehensive Spending Review and illustrates the Government’s commitment to an open and transparent economic and fiscal policy.

The Chancellor said:

‘Today I set out a new framework for sustainable public finances that will deliver  modern public services for our country.

A month from now, on the basis of this framework, the Government will set out the results of the Comprehensive Spending Review with the detailed allocations to individual departments.

The central challenge is to combine prudence and stability in public finance with  investment and reform in public services.’

The EFSR:

•  provides the first key information on the outcome of the Comprehensive Spending Review;
•  sets out a fiscal strategy and planned spending totals for this Parliament(Treasury Press Release 98/98);
•  launches a comprehensive investment programme to invest in the renewal and improvement of Britain’s infrastructure and public sector (Treasury Press Release 99/98);
•  announces planned public private partnerships and a programme of asset sales (Treasury Press Release 99/98);
•  announces a major reform of public expenditure planning and control(Treasury Press Release 100/98); and
• unveils a new and better format for the public finances (Treasury Press Release 101/98)