Labour Would Retain Bank of England Independence, Review Mandate

Labour Shadow Chancellor Says BOE Will Remain Independent

John McDonnell, finance spokesman for the U.K.’s opposition Labour Party, said he wants the Bank of England to keep its independence, but that its mandate should be reviewed.

“They would retain their independence,” McDonnell told BBC Radio 4 Monday. “We’re going to have a review of the Bank of England mandate. They’re not meeting their mandate at the moment on inflation.”

He said possible areas the central bank could be responsible for are “prosperity in the economy” and “long-term investment in infrastructure.”

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