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Pre-Budget Report
24 November 2008
This paper discusses the need for a concerted international fiscal response to the current economic situation.
The world economy faces a serious economic downturn arising from the severe dislocation in the financial system. The magnitude and speed of the downturn, and the uncertainty over the effectiveness of monetary policy in current conditions, warrant a substantial fiscal policy response. To be effective this needs to be timely and targeted, and also temporary so as to ensure sound and sustainable public finances in the medium term.
A concerted international fiscal response, tailored to each country’s specific situation, would enhance its effectiveness and help build confidence. Action now would help to limit the depth of the downturn and restore growth.
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