Brown hails economic success at party conference

In his speech to the Labour Party conference, the Chancellor has hailed the UK economy, and its "uninterrupted growth", as one of the government's major achievements during more than six years of office.

Chancellor Gordon Brown told the Brighton conference that Labour’s economic objective is to build "a stronger economy and a fairer society, with opportunity and security for all".

Mr Brown said that the UK's economic health could be traced back to difficult long-term decisions such as granting the Bank of England independence and setting "tough fiscal rules".

He added: "Despite the sharpest slowdown in world output growth for nearly 30 years along with global military risks and uncertainties, Britain has averted recession and continued to grow uninterrupted in every quarter since we were elected."

Mr Brown highlighted Labour's economic achievements as:

• the lowest inflation for 30 years;
• the lowest interest rates for nearly 50 years;
• the highest employment in history;
• the lowest long-term unemployment since 1976;
• one million children lifted out of poverty;
• and rising investment in our public services with the fastest improvements in spending in health and education since the war.

Despite continuing global difficulties, Britain is on track for stronger growth and low inflation, the Chancellor said.

"In the past Britain was first in and last out of world recessions. Under the Tories Britain suffered the worst two recessions since the war, inflation hit almost 10%, unemployment rose above two million, and mortgage rates were over 15% for a whole year," he said.

(gmcg)