The Conservative Woman By Ben Pile May 24, 2022
AS inflation rises and the prospects for our return to normality following the pandemic fade ever more into the distant future, criticism is rightly focusing on financial institutions and regulators. They claim that printing money, which has inevitably caused prices to rise, was necessary to mitigate the economic chaos of lockdowns. But now they appear to be behind a third act of immense self-harm to help to steer the world to inflation and deliberately prevent economic recovery. The rise in energy prices the world has seen were not the result of an unforeseeable supply crisis, but engineered by those charged with managing the economy.
In a recent interview, Bank of England Governor Andrew Bailey admitted to Sky News his discomfort at the UK rate of inflation heading towards 10 per cent. ‘We are being struck by historically large shocks,’ explained Bailey, removing himself and his organisation from the spotlight. ‘Who of us thought there would be a war in Europe of the sort that we’re seeing?’ he asked rhetorically.
As it happens, many people have been predicting such a conflict. Analysts, be they critics of Nato or Moscow, have long and for different reasons warned that Ukraine risks becoming the point of renewed east-west tension, and many Ukrainians themselves have spoken about the grim inevitability of war, at least since 2014. But this article is about energy and climate policy, not war. I raise the issue here because, like me, you might have expected the Governor of the Bank of England to have kept a watching brief on geopolitics.
We would be wrong, then. It turns out that the chief regulator of the UK economy (the sixth largest in the world) and his predecessor were far more concerned with the putative risks from climate change than with developments in geopolitics. The Bank of England’s webpages could have been written by an XR activist. ‘Climate change creates financial risks and economic consequences,’ it claims. ‘These risks and consequences matter for our mission to maintain monetary and financial stability.’ Endless volumes of reports and links to pages after pages make the case, citing equally endless scientific reports that I have always considered to be suspect.
Put simply, I do not believe that society’s sensitivity to climate is in any way equivalent to climate’s sensitivity to carbon dioxide. The planet may well be slightly warmer, but there exists very little evidence that this is creating economic risks. On the contrary, people everywhere are becoming much wealthier. (Or were, before the pandemic.) I shall spare the word count here, but I have written about it at length in many other places if you remain unconvinced. Suffice it to say that it is logically impossible for ‘risks’ to be growing as the BoE claim while an economy is growing, which it was, even in the world’s most seemingly climate-ravaged places.
Here is a short film I have made about the problem.
More:
https://www.conservativewoman.co.uk/the-green-agendas-role-in-global-inflation/https://www.youtube.com/watch?v=IwvGlF9_fpw
