А начинается он так- "The UK economy has recently experienced economic growth combined with low inflation and falling unemployment".
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THE UK economy has recently experienced economic growth combined with low inflation and falling unemployment. In 1997 it achieved its first surplus on the current account of the balance of payments since 1985.
Nevertheless, the economy continues to face problems such as low levels of investment and productivity. Income per head is also below that of many other major industrialised nations.
The Government's economic policies are directed towards the achievement of high and stable levels of growth and employment, enabling everyone to share in higher living standards and greater job opportunities.
Extra resources are being allocated to priority concerns, notably health, education, public transport, the regeneration of urban areas and housing.
Although the economy came to a halt in the first three months of 1999 - rekindling the debate over whether Britain is heading for a recession and needs a cut in interest rates - the Government is confident of achieving "reasonable growth" this year.
A report last month by the Office for National Statistics (ONS) said that the economy was expanding at the slowest annual rate since 1992, when it was just starting to pull out of a recession.
Revising downwards growth estimates for the country, it said in the first three months of 1999, gross domestic product (GDP) did not grow at all compared with its performance in the last quarter of 1998, and inched ahead just 0.6 per cent in comparison with the first quarter of 1998.
In April, the office said in its first estimation that GDP grew by 0.1 per cent quarter-on-quarter and 0.7 per cent year-on-year. Although the statistical mark-downs were slight, they surprised economists who had expected, if anything, a slender upward revision in line with recent upbeat comments by the Bank of England.
The bank said earlier in May that the possibility of Britain sliding into recession had diminished from a one-in-four chance to a one-in-10 outside shot.
Nevertheless, most economists agree that the British economy is likely to steer clear of outright recession and secure a "soft landing" for business.
For the second quarter in a row, British GDP lumbered on the verge of stagnation in the first three months of 1999.
Economists however, saw a silver lining in the data, arguing that the figures seemed to suggest that the troubled economy would avoid a recession. Some even think that the British economy "is past the worst and the worst was not that bad".
Tentative signs of recovery means that there is little chance of further interest rate cuts in Britain.
The Bank of England has cut its key interest rate six times in seven months to the lowest level since February 1994 in a concerted drive to head off economic stagnation.
There are also indicators pointing to signs that the economy may have bottomed out after the global crisis seen in the second half of 1998. The International Monetary Fund (IMF) has predicted growth of 0.7 per cent in 1999 and 2.1 per cent in 2000.
The more promising economic conditions will come as a relief to Britain's ruling Labour Party, which has pencilled in an economic expansion of 1 to 1.5 per cent during 1999, and rising growth rates in the run-up to the general election due by mid-2002.
Britain also appears to be benefiting from the sharp easing of monetary policy in recent months and the underlying strength of the country's service sector, which accounts for two-thirds of economic output.
With the country teetering on the brink of recession last year, policy- makers have been able (unlike 1990-92 when sterling was locked in Europe's exchange rate mechanism currency grid) to slash borrowing costs, which have fallen to 5.25 per cent from 7.50 per cent in a matter of months.
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