The Economy

I certainly agree that it is necessary for us to be cautious. I agree in particular with what the Governor of the Bank of England told the Select Committee when he was asked about the prospects for growth in the world economy and in our economy. He said that the same factors that led the Bank to believe that there would be a recovery in the UK also suggest that there will be one in the world economy, and those factors included the large financial stimulus that has been injected. In other words, the Governor supported the view that we took last autumn that we had to support the economy, and we will continue to do that.