Net Zero is Slowing Growth, Bank of England Warns
Net Zero policies are slowing the global economy, Bank of England Governor Andrew Bailey has warned. The Telegraph has more.
Both climate change and initiatives to tackle it are among the main factors dragging down growth, the Governor of the Bank of England said in a speech.
Bailey said “headwinds” facing the world economy included “climate-related economic shocks and the consequences of the policies chosen to tackle these shocks”.
Britain’s main policy for tackling climate change is the drive to Net Zero, which has had sweeping consequences for the economy.
The cost of switching to electricity and levies on fossil fuels have been blamed for the UK’s extraordinarily high energy prices and the shutdown of heavy industry.
Bailey’s comments are likely to fuel debate about the speed and cost of reaching Net Zero, as Labour races to decarbonise Britain’s electricity network by 2030. Critics say the artificial deadline is creating unnecessary costs for the households and businesses, calling for slower reforms.
The Climate Change Committee estimates reaching Net Zero by 2050 will involve a net cost of £4 billion per year – around £100 billion in total.
The Institute of Economic Affairs said the cost of Net Zero in the UK could be more than £7.6 trillion.
Bailey has acknowledged some of these costs previously. In 2021, he said shifting from coal to less polluting fuels may result in “permanent higher level of prices”.
Worth reading in full.
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Duuuuh. More statements of the bleedin’ obvious from our compromised and tainted BoE Governor. He should be berating the Government for its anti-industrial and economy-wrecking policies, not just issuing mealy-mouthed statements about “headwinds”. What a total waste of oxygen he is.
What are these “climate related shocks” Mr Bailey? Are you a ” climate scientist”?
Probably as much as Bill Gates is a medical expert.
I was always remember Ian Brown of The Stone Roses getting slagged off on Twitter as was during “covid” for his covid and “vaccine” scepticism – people kept telling him to stick to music. He pointed out people were taking medical advice from a computer salesman.
As much use as a chocolate teapot.
Bailey, the chinless wonder, wanted ‘climate’ to be a priority for the BoE. He went ‘all Greta’ just like the lizard Give. He certainly wouldn’t listen to counter views, due to natural arrogance and hubris. He is now frantically looking for reverse gear.
If he had a shred of decency he would resign immediately.
He is probably on good terms with Police chief constables when it comes to doing the decent thing.
Gee, y’think? Imagine trying to start (or maintain) a business here, with all of the regulatory headaches. Then the leccy bill hits the mat…
Given the amount we pay staff at BoE you might have thought they would have blocked that when the Climate Change Act was passed. Or when Tory May made it even more severe
or when industry began to close here and relocate overseas.
Eh——Wakey wakey. Anyone with half a brain, and none of them seem to be in government, could have told him that NET ZERO is anti growth. But that is exactly the whole point of it. We in the wealthy west are to lower our standard of living by stopping using affordable reliable energy, and instead are to use unaffordable unreliable energy.
So this twit admits that Net Zero policies are dreadful for the economy but he has to also had that so is climate change. ——-Oh really and what aspects of this “climate change” that hardly anyone can notice and would not know about unless it was all over the TV nearly everyday is causing lack of growth? ———He only says climate change is bad for growth because he must be seen to be fully aligned wthe phony planet saving agenda, and if he doesn’t align he will swiftly be removed from what his position, and sent packing for being a “climare denier”——Today we live in a fantasy world of pure make believe and no on dares to say so.
He’s been rubbish for years and he’s still rubbish. The sort of rubbish that gradually floats upwards.
Generally known as scum.
At least he was a step forward from the Boy George appointee Canadian Mark Cuntney who was a full on econutter along with being useless at managing interest rates post 2008 to allow a bubble to build up on overly cheap credit.
“Britain imports salt..British chemical industry is dying..ICI the pride of Britain in decline” all this and a great deal more thanks to Net Zero (didn’t say so clearly) https://news.sky.com/story/why-ending-the-manufacture-of-a-humdrum-substance-would-be-final-nail-in-the-coffin-of-an-industry-that-was-once-britains-pride-13494625
If others hadn’t said it – and of course they have – I was going to say “You don’t say!” Lol.
it is not often the Bank of England are correct but they did say may be a decade ago that climate change was the greatest threat to the economy & needed to be addressed as they pushed the green agenda. So right but so wrong at the same time !!
of course they “independently” decided to push the green agenda nooooo political pressure whatsoever, no siree
No sh.. Sherlock
Reminds me of the former establishment figure at the helm of the FCA, who was asleep at the wheel while investors were ripped off by institutional malpractice. Or the man who manipulated the bond markets to bring down Liz Truss.
Oh, hang on, it’s the same person!
There are no “climate related economic shocks”, only catastrophic damage caused by deranged net zero fanatics.