Wednesday, October 29, 2008
Darling gives himself room for manoeuvre
Posted by David Smith at 09:30 PM
Category: Thoughts and responses

There had been speculation that Alistair Darling would use the annual Mais lecture to unveil new fiscal rules. In the event he did not, promising to do so in the pre-budget report next month. Then, he said, the Treasury would set out clear plans to return to "sustainable public finances" in the medium term. In the meantime, he'll borrow.

He also rejected any change in the Bank of England's remit, while offering a broad hint that the monetary policy committee should have no qualms about cutting rates further while inflation is above target. The lecture is here.