Labour Plans Net Worth UK Fiscal Rule to Boost Economic Clout
- Opposition seeking to reinforce credentials before election
- Net worth now adopted as an official public finances gauge
Keir Starmer
Photographer: Christopher Furlong/Getty Images
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Britain’s Labour opposition plans to adopt “net worth” as a fiscal rule after the Office for National Statistics added the measure to its list of official data points this week, according to a party official.
A commitment to balance what government owns against what it owes reflects Labour leader Keir Starmer’s determination to establish economic credibility ahead of an election that is likely to be held next year. The UK public sector is currently around £600 billion ($750 billion) in deficit on a net worth basis.