Yet for our country, the first industrial nation, this new global economy driven by skills, creativity, and adaptability offers a historic opportunity.
The dynamic economies of the future will be those that unlock the talent of all their people, and our creativity, our adaptability, our belief in hard work and self-improvement, the very qualities that made Britain lead the world in the 18th and 19th centuries are precisely the qualities we need to make Britain a strong economic power in the 21st century.
In this Budget I will match these measures for long term monetary stability with measures designed to promote long-term fiscal stability.
I turn first to stability because without stability all plans for investment, employment and education founder.
In a global economy, long-term investment will come to those countries that demonstrate stability in their monetary and fiscal policies, and in their trading relationships, and for Britain this means stability in our relations with Europe.
In May the Government established a wholly new framework for monetary stability; open and accountable, based on clearly established rules and discipline.
The Government sets the inflation target, and the Bank of England sets interest rates to meet that target.
The following is the full text of the Budget speech by Chancellor of the Exchequer Gordon Brown on Wednesday July 2 1997: The Budget that I lay before the House today represents more than an allocation of resources and an accounting of revenues. The impact of the global market in goods and services, and of rapidly advancing technology, is now being felt in every home and every community in our country.Because behind the numbers and statistics the central purpose of this Budget is to ensure that Britain is equipped to rise to the challenge of the new and fast changing global economy. New products, new services, new opportunities challenge us to change; old skills, old jobs, old industries have gone and will never return.But to achieve this we must address the four weaknesses that have held us back for too long and for too many years - instability, underinvestment, unemployment, and the waste of talent.In this Budget I will address each of these weaknesses in turn to ensure stability, investment, work, and opportunity for all.The Chancellor is first and foremost the guardian of the people's money.But during the 1990s the national debt has doubled.