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
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