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UK Labour leader Starmer: govt must recall parliament and abandon budget

Britain's Labour Party annual conference in Liverpool

LONDON (Reuters) - British opposition Labour leader Keir Starmer said on Wednesday the government should recall parliament and abandon plans set out last week to slash taxes and ramp up borrowing which have sent financial markets into turmoil.

Parliament is currently in recess while the main British political parties hold their annual conferences. It is due to return on Oct. 11. Other opposition parties have also called for parliament to return early.

"The government has clearly lost control of the economy ... this is self-inflicted," Starmer told Sky News. "What the government needs to do now is recall parliament and abandon this budget before any more damage is done."

Sterling fell more than 1% against the dollar and euro on Wednesday after the Bank of England said it would step in to calm the UK's frenzied bond markets.

"The move by the Bank of England is very serious, and I think many people will now be extremely worried about their mortgage, about prices going up, and now about their pensions," Starmer said.

(Reporting by Kylie MacLellan and Muvija M; editing by William James)