Bank of England needs more powers to decarbonise economy, say experts

(The Guardian, 16 Nov 2020) Academics call for urgent changes to Bank’s mandate to help UK hit carbon zero target.

Urgent reforms of the Bank of England are needed to help decarbonise the financial system and boost green investment as Britain recovers from the Covid-19 pandemic, a group of leading academics has said.

The New Economics Foundation thinktank and Positive Money campaign group said landmark changes needed to be made by the government to give Threadneedle Street more powers to cut carbon emissions.

In a letter to the chancellor, Rishi Sunak, and the Bank’s governor, Andrew Bailey, the organisations and a group of leading academics said urgent changes to its mandate were needed to help Britain meet its net zero carbon emissions target.

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The Guardian, 16 Nov 2020: Bank of England needs more powers to decarbonise economy, say experts