How did Britain’s economy perform during Gordon Brown’s time as chancellor?

During his tenure as Chancellor of the Exchequer, Gordon Brown oversaw a period of relatively steady economic growth in Great Britain.1

Upon taking office in 1997, Brown moved to grant the Bank of England the power to set interest rates and established five economic tests regarding the potential adoption of the euro. While he initially maintained the strict public-spending policies inherited from the previous Conservative government, he later introduced plans that significantly increased investment in health, education, and overseas aid.1

Despite the period of growth, his chancellorship eventually faced rising concerns regarding increased government borrowing and public spending. Beyond domestic policy, Brown was active in international finance, serving as a governor for the International Monetary Fund and working to stabilize global financial markets. He also advocated for policies linking economic objectives with environmental sustainability.1