Derivatives Summit: UK shadow minister urges policy reforms

Hammond believes the policies adopted by the Labour government since 1997 have contributed to rocketing house prices and unsustainable levels of public and private debt.

“Once inflation targeting was institutionalised by the Bank of England Act, everything else in the economy – the exchange rate, current account, debt levels and the structure of the economy itself – were left to find their own level,” remarked Hammond. “Because our inflation was low, anyone who raised concerns about imbalances

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