Bank of England: Climate Change
The question
To ask the Chancellor of the Exchequer, if she will take steps with Cabinet colleagues to require the Bank of England to (a) take account of climate change in its mandates and (b) publish a timetable for doing this.
Answered by Tulip Siddiq
Tackling climate change is a key part of this Government’s agenda, reflected in our Mission to make Britain a clean energy superpower. We recognise the significant risks posed by climate change to the financial system and wider economy, and are committed to transitioning the economy to Net Zero by 2050 and realising the growth potential of doing so.
In opposition, we set out our plans to reverse changes made by the previous Government to downgrade the importance of climate change in the Bank of England’s mandates. We remain committed to making this change and will do so in due course – the Government is required to issue new remit letters for the Bank of England’s Financial Policy Committee (FPC) and Monetary Policy Committee (MPC) each year.
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