BUDGET 2002: Economy to grow by up to 2.5%

Announcing growth last year of 2.2% – ahead of many of the UK’s international competitors – Brown said growth would be greater over the next 12 months.

In 2003 growth is forecast to be between 3% and 3.5%, and in 2004, between 2.5% and 3%.

He also said that he had told Bank of England governor Eddie George that he would maintain an inflation target of 2.5% and maintain a fiscal platform that was ‘pro-stability and pro-growth’.

Brown added: ‘Nothing in the Budget will undermine that platform of stability.’

Related reading