HISTORIC PRESS RELEASE : Government delivers on key economic commitments [November 1997]

The press release issued by HM Treasury on 6 November 1997.

The IMF Executive Board today endorsed the Government’s economic policies in a discussion on the UK’s Article IV.

Chancellor, Gordon Brown, said:

“I am delighted with the Executive Board’s endorsement of our policies. They confirm that we are now on course to get the UK economy back on track and to achieve our objective of high and stable levels of growth and employment.”

The Board discussion focussed on the IMF’s Staff and Selected Issues Papers which commend the governments actions:

“The new government has set itself a high standard, aiming to consolidate stability and foster long-term growth, while seeking fairness and developing human potential. It has made a bold start toward achieving this standard, winning credibility by delivering on key commitments and setting vigorously to work on an ambitious agenda”.

“The new government has stressed its commitment to macroeconomic stability, sound public finances, and flexible markets, while emphasizing the need to raise the quality of public services (particularly in health and education), promote fairness, and foster long-run economic growth through investment in physical and human capital”.