UK’s Keir Starmer promises spending restraint if elected

BLOOMBERG

The leader of the UK’s political opposition promised his party would avoid large government spending increases to ensure economic stability.
In an article in the Observer newspaper, Labour Party leader Keir Starmer wrote that, if elected, his government would focus on regulatory changes, including reform to the planning system to increase housebuilding.
“If we are to turn things around, then economic stability must come first,” he wrote in the article.
“That will mean making tough choices, and having iron-clad fiscal rules.”
Starmer’s letter comes as the UK deals with the fallout of rising interest rates, which are already putting pressure on house prices. The opposition has sought to link them to the expansionary minibudget passed by short-term Prime Minister Liz Truss that caused mortgage rates to spike.
Since then, the Bank of England has continued to rapidly tighten monetary policy in an attempt to curb some of the most persistent inflation in the Group of Seven nations.
That’s made economic management one of the central issues for the UK ahead of its next general election, likely to be held next year.