§ Sir Geoffrey Howe
The medium term financial strategy set the broad framework within which decisions on fiscal and monetary policy would be taken over a four-year period, thereby enabling industry to plan and work with the grain of Government policy. The illustrative projections of Government revenue, expenditure, and borrowing which accompanied the MTFS were based on assumptions about developments in the economy. These were not intended to be taken as a medium-term forecast. The Government's short-term economic forecasts are published twice yearly, at the time of the Budget and in late autumn.