Scrap Bank of England inflation target to focus on GDP growth, says Jim O’Neill | CoronaNomics

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The Daily Telegraph, known online as The Telegraph, is a national British daily broadsheet newspaper published in London by Telegraph Media Group and distributed across the United Kingdom and internationally. It was founded by Arthur B. Sleigh in 1855 as Daily Telegraph & Courier.

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  • The Telegraph’s economics reporter Lizzy Burden interviews Jim O’Neill, former Treasury minister.

    One of Britain’s most prominent economists has urged Rishi Sunak to scrap the Bank of England’s inflation target to make economic growth its primary goal as Britain attempts a recovery from the pandemic.

    Lord Jim O’Neill, a former Treasury minister who is understood to be in talks with the Government about the creation of a new state investment board for the North, called on the Chancellor to change the Bank’s remit to target nominal GDP instead of inflation. In an interview with The Sunday Telegraph, the former Goldman Sachs chief economist suggested the radical move would help engineer a V-shaped recovery from the coronavirus recession.

    Sources with knowledge of discussions in the Treasury said officials were cautious about tampering with institutions at the height of a global economic crisis, but that the Chancellor’s advisers were more open-minded.

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