UK Labor does not want to change BoE’s inflation target via Reuters

LONDON (Reuters) – Britain’s opposition Labor Party does not intend to change the Bank of England’s 2% inflation target if it wins the next election, a spokesman said on Sunday, as party leader Keir Starmer clarified earlier comments.

Britain has the highest inflation of any of its developed-economy international peers, measured at 8.7% in May. This is above the 2% target set by the government for the independent BoE.

“We’re not looking to change the inflation target and we won’t,” a Labor spokesman said.

Earlier, when asked in a BBC interview about the possibility of changing the target if Labor wins next year’s election, Starmer said it would be closer to a party vote and would take into account the state of the economy.

(Reporting by William James and Elizabeth Piper; Editing by William James and Elizabeth Piper)