§ Mr. GibbTo ask the Chancellor of the Exchequer what assessment he has made of the Ernst and Young ITEM Club forecast of growth for 1999 of one per cent. [52236]
§ Mrs. LiddellThe Treasury regularly monitors a wide range of independent forecasts for the UK economy. Based on the published July comparison, the Ernst and Young ITEM Club forecast for growth in 1999 is now the third most pessimistic out of the forty-five organisations surveyed by the Treasury. The Budget projections for the public finances are based on a forecast for growth of 1¾ per cent. in 1999 which, by contrast, is very much in line with the independent consensus.