UK Opposition leader Keir Starmer of the Labor Party has pledged that if his party comes to power after the 2024 election, it will put a brake on public spending. Bloomberg reports it. This would ensure economic stability.
He made these statements in an article in the British newspaper The Observer. Instead of unsubstantiated spending, a Starmer administration would focus on policy changes. British housing would also be on the shovel. “If we can turn that around, economic stability should be our number one priority,” Starmer said. “That means we have to make tough choices and tax rules that are set in stone.”
The UK is currently experiencing very high interest and inflation rates, which are already putting significant pressure on the housing market. The high percentages could be the result of the ‘mini-budget’ that former prime minister Liz Truss introduced in her short term (49 days, ed), which sent mortgage rates skyrocketing.
Face firmly
Since the Truss monetary meltdown, the Bank of England has sharply tightened policy in an attempt to curb the strongest inflation in the G7. This makes economic management a major issue for the UK in the upcoming elections, likely to be held next year.
“The Conservatives’ demolition of our economy and public services has only made our job more difficult,” Starmer said. “But we are also very determined, we want to achieve the best future that the UK deserves at all costs”.
Source: BNR
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