Below is the text of Mr Major’s comments on the economy, held during an interview held on Sunday 3rd January 1993.
[Mr Major was asked whether 1993 would be a year of economic recovery].
I think it will move at a different pace. I think what we see as we move into 1993 are the conditions in place that will re-
[Mr Major was asked what he forecast growth to be in 1993 and 1994].
Forecasts are dangerous things, as we have found in the past. One always has to make a series of assumptions, a series of judgements, and they can be quite significantly out -
[Mr Major was asked if that was a trend, and whether growth in 1994 might therefore be 2.5%].
I hope we are going to move in that direction, yes. We will have a look again at the forecasts later in the year as we see how 1993 begins to develop but I think we need to move back to trend growth. The recession was longer than we expected and it was deeper than we expected and one of the reasons for caution about how rapidly one will come out of recession is not so much what is happening in this country but what is happening in our principal markets abroad because as we show signs of coming out of recession some of our partners in Europe are perhaps seeing their economies still slowing down.