The Bank of England is facing fresh pressure to revise its pandemic rescue program after research from the New Economics Foundation showed it’s effectively subsidizing polluting industries while claiming tackling climate change is a priority.
Just two weeks before announcing the expansion of Corporate QE, Governor Bailey suggested that excluding fossil fuels and re-aligning the Bank’s corporate bond portfolio with the government’s climate goals is a ‘perfectly sensible thing to do’.
The research shows The Bank of England is pumping £11.4 billion of new money into the dirtiest sectors of the economy. But despite making-up such a large portion of the Corporate QE programme, these dirty sectors actually offer relatively marginal contributions to the UK economy.
And the research doesn’t stop there, it also suggests how to change things.
To help ramp up the pressure campaigns gathered outside the BoE to ask Governor, Andrew Bailey to put his money where his mouth is. Please share the video!