2023-07-16 17:05:20
© 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, clarifying earlier comments made by the party leader, Keir Starmer.
Britain has the highest inflation of any of its developed-economy international peers, measured at 8.7% in May. This is well above the 2% target set by the government for the independent BoE to meet.
“We are not looking to change the inflation target and we will not be looking at that,” a Labor Party spokesman said.
Earlier, when asked in a BBC interview about the prospect of changing the target if Labor won an election due next year, Starmer had said it was something the party would address closer to the vote and, while taking 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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