UK politics: Starmer says Reform’s pledge to restore two-child benefit cap in full is ‘shameful’ – as it happened

Robert Jenrick with Reform leader Nigel Farage. Photograph: Sean Smith/The Guardian

5.45pm GMT

Afternoon summary

• Reform UK would restore the two-child benefit cap in full, Robert Jenrick has announced, in a major U-turn for the party that critics said would plunge hundreds of thousands of children into poverty.

• Ministers are considering a slower rise in the minimum wage for younger workers, amid fears over rising youth unemployment.

• UK inflation tumbled to 3% in January, giving a boost to hopes of an early cut in interest rates by the Bank of England.

• Labour figures in the county with the highest number of reinstated council elections, following the government’s recent U-turn, have said they fear the party will be “annihilated” when voters go to the polls in May.

• Reform UK has been criticised for withdrawing all Lancashire libraries from a scheme supporting refugees because it was not value for money – despite being free.

For a full list of all the stories covered on the blog today, do scroll through the list of key event headlines near the top of the blog.

5.37pm GMT

Robert Jenrick, Reform UK’s Treasury spokesperson, said today that in goverment he would strip the Bank of England of the obligations that it has relating to net zero.

The bank is not in charge of advising on whether net zero targets will be met. But it is required to assess how climate-related risks could affect financial stability, and to take climate risks into account when setting interest rates.

The Energy and Climate Intelligence Unit, a thinktank, says Jenrick should think again. Christian Jaccarini, an analyst at the ECIU, said:

Climate change is already having significant impacts on the British economy and cost of living with foods liked beef and coffee impacted by climate extremes responsible for around 40% of UK food price inflation. The Bank of England has an important role to play in managing the inflationary pressures and financial risks created by climate change, and removing these functions would risk their ability to limit climate impacts on the cost of living and prevent future financial crises.