The Bank of England advisor has admitted that green policies such as carbon taxes and emissions trading schemes are increasing inflation and impacting output.
These policies are causing costs to be passed on to consumers, prompting changes to reduce emissions.
The Bank of England sees addressing climate change as part of its mandate, despite the negative economic effects. (Trending: Judge Issue Major Ruling On Transgender Procedures For Kids)
The so-called Extended Producer Responsibility net zero scheme was originally estimated to cost consumers around £1.7 billion, however, retailers have now said that due to inflation it will likely be over double that. https://t.co/JMjmwUxFiI
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Bank of England’s Monetary Policy Committee-member Catherine Mann reportedly said during a recent speech that “carbon taxes, public investments, and subsidies are all inflationary”
“Evidence has suggested upward pressure on inflation [and] downward effects on output,” continued Mann.
Mann highlighted how high prices are “passed on fully or in part to consumers, which prompts the behavioral change needed to reduce emissions”.
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“Not only is it within my remit to respond to the macroeconomic effects of climate change, but, in my view, my remit requires me to do so,” proclaimed the financial expert.
“When climate change has macroeconomic effects – whether physical impacts from extreme weather events and higher average temperatures or transition effects associated with transforming to a net zero economy, including explicit implications for inflation – it becomes a concern for monetary policymakers, directly within a price stability mandate,” added Mann.
Prime Minister Rishi Sunak has slightly scaled back some net zero policies, but the UK remains committed to reaching net zero carbon emissions by 2050.
The green agenda pursued by the Conservative Party has negative economic impacts and poses a threat to national security, as noted in a report from the Joint Committee on National Security Strategy.