Chancellor of the Exchequer Gordon Brown confirmed this year's growth target will be 2 to 2.5 per cent. For 2003 the target will be 3-3.5 per cent and 2.5 to 3.0 per cent in 2004.
He also said he believes the underlying state of the public finances remains strong adding that Britain has the lowest debt of the G7 and EU.
Brown said Britain's debt interest payments fell to £22bn in 2001 and are expected to fall to £21bn in 2002. He added debt interest payments is now at the lowest since the First World War.