Labour’s John McDonnell: We’ll review Bank’s inflation focus
28 September 2015
From the section UK Politics
Labour is to review the Bank of England’s mandate as part of proposals for a wide-ranging shake-up of the UK’s economy if the party wins power.
Shadow chancellor John McDonnell said it had continually missed its inflation targets and needed a more “rounded” focus in determining monetary policy.
Its policymaking, he told the BBC, should take into account other factors such as economic growth and investment.
Mr McDonnell will address the Labour Party’s annual conference later.
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In his first speech as shadow chancellor, he is expected to push for a “Robin Hood tax” on stock market trading.
Chancellor George Osborne has fought moves to introduce such a tax, warning it would harm the financial sector but Mr McDonnell believes it could rein in the excesses of the City and help pay for improvements to the NHS and other public services.
He will also set out arguments for “new economics” in his address and say £25bn of an estimated £120bn in unpaid corporate tax can be recovered.
Source:: BBC UK