Former Bank of England Governor supports Labour's economic plans

In a surprise video message, former Bank of England Governor Mark Carney declared his support for Labour's economic plans. Carney praised Shadow Chancellor Rachel Reeves as a "serious economist" and emphasized her understanding of the big picture and the economics of work, place, and family. Carney's backing comes after his criticism of Brexit and its impact on rising inflation.

Carney's support not officially advisory role

Carney's support for Labour does not hold any formal advisory role within the party. A spokesman for Reeves clarified that Carney's endorsement does not "politicize" the Bank of England. Reeves' spokesman expressed pride in having Carney's support and clarified that she has well-known personal views on Brexit.

Labour's focus on economic growth and plans for change

In her conference speech, Reeves outlined Labour's commitment to rebuilding Britain through a laser-focus on economic growth. One proposal mentioned was a 20% VAT tax on private schools in the party's first budget if elected. Reeves also addressed plans to clamp down on waste, including ministers' use of private jets, though the exact amount of savings remains unclear.

Criticism from Chancellor Jeremy Hunt

Chancellor Jeremy Hunt criticized Reeves for failing to mention inflation, which he considers the biggest single issue for the economy. Hunt expressed concerns that adding £28 billion a year to borrowing would lead to higher mortgages, debt interest, and hinder economic growth.