Press Releases

HISTORIC PRESS RELEASE : Measures are put in place for the country┬┤s long-term economic future [July 1997]

The historic press release issued by HM Treasury on 31 July 1997.

Key measures to improve the long-term performance of the UK economy became law today as the Finance (No2) Act 1997 received Royal Assent, reflecting the Government’s pledge to put its Manifesto promises into action.

Commenting on the completion of the legislation required to implement the Summer Budget’s measures, Financial Secretary Dawn Primarolo said:

” We said we would introduce measures for long-term stability – and we have, with a 5 year deficit reduction plan.

We said we would introduce measures to encourage investment – and we have.

We said we would introduce a windfall tax to fund a comprehensive scheme to get people off welfare and into work – and we have.

We said we would reduce VAT on fuel to 5% – and we have.

And we have done so much more, including providing extra money for our priority areas of schools and the health service.

This is a Government which keeps its promises. We are determined to equip the country properly for the future by putting in place the long-term framework for stability, investment and employment that it needs.”


The Summer Budget was on the 2 July 1997. The Finance Bill was published in draft on Friday 4 July. The Finance Bill was published on Tuesday 8 July. 2nd Reading of the Bill was on Thursday 10 July. Committee of the Whole House took place on 15-16 July. Standing Committee was from 17-23 July in 9 sittings.Report stage and Third Reading was on 28-29 July. The Bill went to the Lords on 31 July and was also enacted on that day.