Chancellor of the Exchequer, Gordon Brown, has just begun delivery of his 2006 Budget speech.
According to Brown, the British economy is "strong and strengthening", as inflation is at 2% and on the Treasury's target as the economy is said to have grown in the last quarter.
"We have met our inflation target this year every year since 1997," says Brown.
"Inflation is still expected to be in line with our target. Long-term inflationary expectations have halved to just 2%, and since Black Wednesday in September 1992, mortgage rates have averaged 6%," he continues.
Further independence is being offered in key aspects of the economy, says Brown, in relation to competition policy, industry policy, and the management of debt.
More specifically, Brown has announced the Debt Management Office will be given a new remit in relation to long-term debt, so further long-term gilts can be issued.
The Office of National Statistics will also be given independence.
The Treasury, Bank of England and Financial Services Authority will also put in place an early warning system to deal with risk and financial instability.IFAonline
Has been cold-calling consumers
New shares admitted to London Stock Exchange
Slow and steady growth
Missed funding target by £240,000
Denies any wrongdoing