Labour plans to expand the role of the Bank of England to target productivity growth in a bid to boost the UK economy.
The proposed change would be the most radical shake-up of the central bank’s remit since it became independent in 1997.
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Labour plans to expand the role of the Bank of England to target productivity growth in a bid to boost the UK economy.
The proposed change would be the most radical shake-up of the central bank’s remit since it became independent in 1997.
In a report published on Wednesday, Labour will set out a range of measures designed to spur investment and stop the UK economy “falling behind” those of other advanced nations.
The report will say that productivity – or output per hour worked – has grown particularly slowly in the UK because the financial system has channelled billions of pounds into property speculation and not enough into new technologies in manufacturing, ICT and other critical sectors.
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