§ Q12. Mr. ChaytorTo ask the Prime Minister what assessment he has made of the implications for the British economy of recession in the Far East. [49059]
§ The Prime MinisterDevelopments in Asia pose considerable risks to the world economy. The March 1998 FSBR took account of these developments in Asia in its forecasts for the UK economy, incorporating a reduction in UK GDP growth of up to half a percentage point. The FSBR also emphasised the increased risks to sustained global expansion. The Treasury and the Bank of England continue to monitor the situation closely.