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Newsroom & speeches
136/98
12 August 1998
Commenting on today's Inflation Report from the Bank of England and today's Labour Market Statistics, Stephen Byers, Chief Secretary to the Treasury, said:
"I welcome today's good news on the economy showing more jobs, falling unemployment and a welcome reduction in earnings growth.
"At a time of instability in the international economy, especially in the Far East, it is vital that we build a stable economy capable of sustained and steady growth, in contrast to the cycle of boom-bust that has plagued our economy in the past.
"Today's Inflation Report from the Bank of England shows that following the Government's tough action to get the economy back on-track, growth is set to strengthen through next year with inflation falling to its 2 1/2% target.
"The projections take full account of the Government's prudent spending plans which lock in the fiscal tightening already achieved. The Bank confirm that borrowing is set to fall by 3 1/2% of national income, exactly as set out in the March Budget.
"Today's news shows that we are on course to achieve economic stability."
