Brexit-Bashing Mark Carney Supports Labour’s Economic Plans

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Former Bank of England Governor Mark Carney Backs Labour

Mark Carney, the former Bank of England boss, has shown his support for Labour's economic plans, despite his criticism of Brexit. In a surprise video message following Shadow Chancellor Rachel Reeves' conference speech, Carney declared her a "serious economist" and emphasized her understanding of the big picture and the economics of work, place, and family. Carney's endorsement comes after his departure from Threadneedle Street in 2020, during which he blamed Brexit for rising inflation.

Labour Dismisses Concerns Over Bank of England Politicization

Labour officials were quick to address concerns over Carney's support potentially politicizing the Bank of England. Reeves' spokesman stated that Carney has no formal advisory role within the party and that the Shadow Chancellor is proud to have his backing. Additionally, the spokesman made it clear that Reeves' personal views on Brexit are widely known.

Rachel Reeves' Speech Highlights Focus on Economic Growth

In her conference speech, Reeves promised to "rebuild Britain" with a strong emphasis on economic growth. One of her proposed measures includes taxing private schools at 20% VAT in her first budget if elected. She also revealed plans to address wasteful practices, such as ministers' use of private jets. However, the exact savings from these measures remain unspecified.

Jeremy Hunt Criticizes Omission of Inflation

Chancellor Jeremy Hunt pointed out a notable omission in Reeves' speech—the lack of mention of inflation. Hunt argued that with inflation being a significant issue for the economy, it was surprising not to hear it addressed by the Shadow Chancellor. He expressed concerns that Labour's plan to add £28 billion a year to borrowing would only exacerbate inflation, leading to higher mortgages, increased debt interest, and lower growth.