In response to earlier comments made by party leader Keir Starmer, the opposition Labour Party in Britain said on Sunday that if it wins the next election, it has no plans to alter the Bank of England’s 2% inflation objective.

With an annual rate of 8.7% in May, Britain’s inflation rate is the highest among its international counterparts with established economies. That is significantly more than the 2% goal the government set for the independent BoE to meet.

“We are not looking at changing the inflation target and will not be looking at it,” a Labour spokesperson said.

Earlier, when asked in a BBC interview about the prospect of changing the target if Labour won an election expected to be held next year, Starmer had said it was something the party would address closer to the vote, and while taking into account the state of the economy.