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A former Bank of England chief accused of being responsible for the \u201csplurge\u201d that fuelled \u00adinflation has given a ringing endorsement of Labour\u2019s Shadow Chancellor.<\/p>\n
Mark Carney praised \u201cserious \u00adeconomist\u201d Rachel Reeves in a video address ahead of her speech at the \u00adparty\u2019s conference yesterday. Chancellor Jeremy Hunt accused her of \u201cfairytale\u201d economics while Tory MPs attacked Mr Carney for interfering in British politics.<\/p>\n
Critics claimed Mr Carney\u2019s use of quantitative easing \u2013 effectively printing money \u2013 was partly \u00adresponsible for the \u00adeconomic \u00adproblems the country is facing.<\/p>\n
Sir Jacob Rees-Mogg said: \u201cCarney\u2019s monetary policy led to high inflation and he ran the Bank of England as a \u00adfashionable Islington soiree with his deeply political interventions in the EU debate and greenery. He has never really hidden his political predilections.\u201d<\/p>\n
Conservative MP Mark Francois: \u201cHow ironic a former Governor of the Bank of England, who is also an arch-Remainer, should now endorse the Labour Party, when it was the splurge of quantitative \u00adeasing, much of which occurred on his watch, that eventually led to a lot of the inflation the economy has recently been suffering from.\u201d<\/p>\n
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Mr Carney, a Canadian former Goldman Sachs banker, was appointed by Tory Chancellor George Osborne in 2013. He as been increasingly outspoken since his seven-year \u00adtenure at the central bank ended in March 2020.<\/p>\n
He described Brexiteers as \u00adhaving a \u201cbasic \u00admisunderstanding of what drives economies\u201d and claiming they want to \u201ctear down the future\u201d.<\/p>\n
Senior Tory David Jones said the endorsement was \u201ccompletely \u00adpredictable\u201d and added: \u201cHe knows the Conservatives would never take the UK back into the EU, so he is supporting the more pliable party. He thinks that he has a \u00adsporting chance of rejoining if he supports Starmer.\u201d<\/p>\n
Conservative MP Brendan Clarke-Smith said: \u201cI suppose it wouldn\u2019t be the first time he\u2019s got a forecast wrong.\u201d<\/p>\n
And Julian Jessop, from the Institute of Economic Affairs, added: \u201cWill this man ever stop interfering in UK politics?\u201d<\/p>\n
In his video address to the conference in Liverpool, Mr Carney said: \u201cRachel Reeves is a serious economist. She began her career at the Bank of England, so she \u00adunderstands the big picture.<\/p>\n
READ MORE <\/strong> Brexiteers blast Mark Carney over video backing Labour’s Rachel Reeves<\/strong><\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n \u201cBut, crucially she understands the economics of work, of place and family. And, look, it is beyond time we put her energy and ideas into action.\u201d<\/p>\n Ms Reeves used her speech to say Labour is \u201cready to rebuild Britain\u201d and restore economic security after the \u201cchaos\u201d of the Conservative years.<\/p>\n She told activists Labour would pull the economy out of the \u201cwreckage of Tory misrule\u201d with a \u201cvision to rebuild Britain\u201d. Among plans for her first budget are forcing private schools to pay VAT and business rates.<\/p>\n The Shadow Chancellor also set out measures to tackle the waste of taxpayers\u2019 money, including a crackdown on the use of private planes by ministers and the hiring of consultants in Whitehall.<\/p>\n A new Covid corruption commissioner with a \u201chit squad\u201d of investigators to recoup money lost in the \u201ccarnival of waste\u201d during the pandemic would also be set up.<\/p>\n Ms Reeves said: \u201cThe choice at the next election is this: five more years of the Tory chaos and uncertainty which has left working people worse off or a changed Labour party offering stability, investment and economic security so that working people are better off.<\/p>\n \u201cIt falls to us to show that Labour are ready to serve, ready to lead and ready to rebuild Britain.\u201d But Chancellor Mr Hunt criticised Ms Reeves for her \u201cfairytale\u201d \u00adeconomic plans that will push up borrowing by billions.<\/p>\n He said: \u201cIt is extraordinary that inflation wasn\u2019t mentioned once \u00adby Rachel Reeves when it is the \u00adbiggest challenge facing the \u201cBorrowing more doesn\u2019t solve problems, it creates them \u2013 the worst kind of short-termism when instead we should be taking \u00adlong-term decisions that will \u00adactually tackle inflation and unleash growth.\u201d<\/p>\n Sam Richards, founder of pro-growth campaign group Britain Remade, said: \u201cThere is no path to energy security or economic growth, and the jobs that come with it, that doesn\u2019t involve fixing our broken planning system.<\/p>\n \u201cFrom action to prevent \u00advexatious legal challenges from delaying critical infrastructure to \u00adpublishing new National Policy Statements, Britain Remade have consistently called for many of these measures. It is not right that offshore wind projects vital for energy security should have to produce 10,000-plus page environmental impact \u00adassessments that take years to \u00adcomplete, do nothing to protect nature and then face constant \u00adchallenges in the courts.<\/p>\n \u201cWe welcome any proposals that will unblock our outdated planning system so that Britain can create jobs and growth by building the infrastructure our country \u00addesperately needs. But the devil will be in the detail and we will continue to hold Labour to account to deliver the planning reform we need if they form the next government.\u201d<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/139\/590x\/secondary\/5003230.jpg?r=1696886985761\")
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British economy. Instead, Reeves made it clear Labour will increase borrowing by \u00a328billion every year which is a fairytale for the British economy with no happy ending \u2013 just higher inflation, higher mortgages, higher debt and lower growth.<\/p>\n