Budget 08: Darling's speech in full

Mr Deputy Speaker, the core purpose of this Budget is stability - now and in the future.

And its core values are fairness and opportunity, founded on stability and strength.

Mr Deputy Speaker, in every country in 2008, every government has one aim - to maintain stability through the world economic slowdown.

Britain with its central role in the world’s financial system is no exception.

With low inflation. Record levels of employment. And unemployment at its lowest level for a generation.

And with the action taken last year to curb inflation, Britain is better placed than other economies to withstand the slowdown in the global economy.

Mr Deputy Speaker, this year’s Budget is a responsible Budget that will secure stability in these times of global economic uncertainty.

And we will do everything in our power to maintain stability – keeping inflation and interest rates low and maintaining our record of growth.

While other countries have suffered recessions, the British economy has now been growing continuously for over a decade – the longest period of sustained growth in our history.

Because of the changes made by this Government to entrench stability and increase the flexibility and resilience of our economy, I am able to report that the British economy will continue to grow through this year and beyond.

Even in today’s difficult and uncertain times, we are determined that we will not be diverted from our long-term aim – to equip our country for the challenges of the future, confront climate change and to end child poverty in this generation.

Mr Deputy Speaker, this Budget is about equipping Britain for the times ahead. Making sure that everyone – no matter what their circumstances - can exploit their potential.

It’s about building a fairer society, offering more opportunity, a fair Britain in which everyone can succeed.

Mr Deputy Speaker, throughout the world economies have benefited from the globalisation of trade and investment, which has delivered strong world growth.

Here in Britain, our openness, our global reach, our history of scientific invention and creative success, make us uniquely placed to succeed in the global economy.

But with the benefits of globalisation we see too how problems in one part of the world can quickly spread to another.

Turbulence in global financial markets – which started in the American mortgage market – has affected all economies from the United States to Asia, as well as Europe.

We have seen significant disruption across many credit markets: with a number of them barely functioning at all.

And since the turn of the year, global stock markets have also been affected. This poses a major risk to the world economy.

And so we welcome yesterday’s commitment by the world is central banks including, the Bank of England to address these concerns.

Here, the action we took last autumn to support Northern Rock and protect depositors and savers mean that – despite seeing the worst period of financial disruption for a generation – we have maintained confidence and stability in the banking system.