Bank Of England Urges Labour: Cut ‘Burdensome’ Net Zero Mandates To Grow Economy
by Tim Wallace Jan 24, 2025
The Bank of England should be freed from burdensome net zero rules to help grow the economy, Rachel Reeves has been told. [emphasis, links added]
Sam Woods, the head of the Bank’s Prudential Regulation Authority (PRA), said the thicket of climate requirements imposed by Westminster was impeding efforts to boost growth.
In a letter to the Chancellor and Sir Keir Starmer, Mr. Woods said the requirement for the Bank to “have regard” for dozens of different “climate and the environment” issues made it harder to encourage risk-taking in the City and take a more light-touch approach to regulation.
Mr. Woods raised the issue in response to a call from Ms. Reeves for ideas on how to improve Britain’s flatlining growth rate.
https://climatechangedispatch.com/bank-of-england-urges-labour-cut-net-zero-mandates-to-grow-economy/
