Reuters
Posted on 07.16.2023 12:04
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)
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Written by: Reuters
Jane Austen is a writer and contributor covering culture, literature, lifestyle, and society. Her work focuses on thoughtful storytelling, social trends, and the issues shaping everyday life, delivering engaging and accessible content for readers across the United Kingdom.
