Mark Carney endorses Labour’s shadow chancellor Rachel Reeves

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Mark Carney, who used to be in charge of the Bank of England, has given his support to Rachel Reeves from the Labour party to become the next chancellor of the United Kingdom. According to him, Reeves is a well-respected economist who has a good understanding of how things work overall.

Carney, who was chosen by previous Conservative chancellor George Osborne to lead BoE in 2013, provided his support in a recorded video message that was displayed at the Labour party conference on Monday.

He mentioned that Rachel Reeves is a professional economist who takes her job seriously. She commenced her profession at the Bank of England, which means she comprehends the overall economic situation.

"However, what's important is that she comprehends the financial aspect of employment, location, and household. It's high time we utilize her vigor and concepts to make positive changes," he further stated.

The approval gave Labour a push in their aim to demonstrate their capability of governing, as they prepare for the upcoming general election which is expected to take place next year. Their main objective in this election is to come back to power, which they haven't been able to do since 2010.

Carney's statement was displayed on large screens following Reeves' commitment to prioritizing firm fiscal responsibility as a central aspect of a potential Labour government's economic strategy at the Liverpool conference.

Reeves, expressing her desire to become the initial woman to hold the UK chancellor position that has been in existence for 800 years, affirmed that it is not achievable to generate economic growth by imposing taxes and using the money for expenses.

Last month, Carney had a meeting with Sir Keir Starmer who is the leader of the Labour party. They talked about the economic policies of the party during a centre-left conference that was held in Montreal.

A representative for Reeves stated that Carney doesn't hold an official advisory position. However, it was revealed that she communicates with the previous BoE governor, as well as the previous chancellors, on a frequent basis.

During the conference, Reeves stated her intention of focusing on growth through the implementation of measures to increase the supply-side. This would involve making modifications to the planning system in order to expedite the progress of infrastructure projects.

According to her, if the Labour party were to form the government, they would be actively involved in the economy through a plan of action called "securonomics". This plan would include collaboration with private enterprises to foster the growth of fresh industries.

She stated that the government can assist by stimulating and reducing the risk of investment in emerging industries.

Reeves stated that a nationally owned "Great British Energy" would engage in a contestable procedure to "redesign" the nation's infrastructure by enhancing grid connections.

The speech by the shadow chancellor reiterated a range of tax increases that had been previously announced, which are focused on private schools, non-domiciled individuals and energy firms. Moreover, business rates are set to undergo an overhaul, which includes a special focus on technology corporations.

Reeves' speech conveyed the message that Labour must exhibit "discipline" and acknowledge the severe financial circumstances that would confront a Starmer-led government.

Labour supporters praised Reeves' stance on financial responsibility, bringing joy to her advisors. Additionally, they were pleased with her commitment to empower the Office for Budget Responsibility to assess major tax and spending initiatives.

As the upcoming general election draws near, Reeves has garnered a great deal of attention from both political parties and business lobbyists. Her speech at the conference hall in Liverpool was so popular that it was filled to capacity, with people being turned away at the entrance.

She didn't offer many new plans in her speech, but she did pledge to reduce the amount of private jet travel by government officials and cut their reliance on consulting firms by 50% during the upcoming parliamentary term.

The Labour party desires for people to accept Reeves' concept of "securonomics", which she claims will be founded on a grassroots approach and will create a foundation of stability following a period of economic uncertainty.

She stated that the greatest danger to the economy of Britain is if the Conservative party remains in power for another five years.

Reeves declared that the upcoming election campaign by Labour would prioritize the economy, questioning: "Has anything improved in Britain since the Conservatives took control?"

The Conservative chancellor, Jeremy Hunt, expressed surprise that inflation was not brought up by Rachel Reeves as it remains the most pressing issue for the British economy.