Mark Carney Backs Labour's Economic Plans
In a surprise video message following Shadow Chancellor Rachel Reeves' conference speech, former Bank of England boss Mark Carney has announced his support for Labour's economic plans. Carney, known for his criticism of Brexit, praised Reeves as a "serious economist" and emphasized her understanding of the economics of work, place, and family. He urged for her energy and ideas to be put into action.
No Formal Advisory Role
Although Carney's support raised concerns about politicizing the Bank of England, a spokesman for Reeves insisted that Carney has no formal advisory role in Labour. The spokesman also reiterated that Reeves' personal views on Brexit are already well known.
Labour Gains Support from Ex-Public Officials
Mark Carney is the latest ex-public official to either directly or indirectly back Labour. This trend includes career civil servant Sue Gray joining as Sir Keir Starmer's top aide. These endorsements demonstrate increasing support for Labour's economic plans.
Reeves' Speech Focuses on Economic Growth
In her conference speech, Rachel Reeves declared her intentions to "rebuild Britain" by prioritizing economic growth. She outlined plans to tax private schools with a 20% VAT and emphasized a crackdown on wasteful spending, such as ministers' use of private jets. However, Chancellor Jeremy Hunt criticized the omission of addressing inflation, arguing that increased borrowing would lead to higher mortgage rates, debt interest, and hampered economic growth.
