Thursday, September 16, 1999 Published at 12:49 GMT 13:49 UK
Business: The Economy
Brown urges prudence for prosperity
The economy is set for high growth and low inflation
Chancellor Gordon Brown has offered a vision of a prosperous future for the UK - as long as it sticks to a disciplined economic path.
In his most important statement on the economy's performance since the Budget, Mr Brown said the opportunity existed for a "virtuous circle" of low inflation, high investment and high, stable levels of growth.
Mr Brown said: "In Britain we are working for stability and steady growth, and we can reach our full potential if we take the right long-term decisions.
"We will not make the mistake of past governments which relaxed the moment the economy started to grow.
"The same tough grip will continue."
The Chancellor set out four key conditions for achieving its growth potential:
"If we can achieve these, then I believe that the upper end of our growth range is within our reach."
City analysts endorsed the Chancellor's vision of a prosperous Britain.
"It is obvious that the economy is recovering more strongly than any forecaster predicted six months ago.
"I would not disagree with Mr Brown's analysis of 3% growth, in fact I would say it is quite likely."
He told BBC Radio 4's Today programme: "What's happened in the last year is that Britain came within a whisker of going into recession.
"Manufacturing did go into recession for the best part of a year, many parts of the country took a real beating."
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