Net Zero Watch says Bank of England has been distracted

From Net Zero Watch

It has been reported today that the Bank has spent £150,000 on an inconclusive study on the carbon footprint of its banknotes.

In 2021, Rishi Sunak gave the Bank a new mandate to fight climate change and help to achieve the Govt’s Net Zero policy, a move that has since been widely criticised for distracting it from its key role in combating inflation.

Former Chancellor George Osborne and his old sparring partner, Ed Balls, have both called for the mandate to be cancelled so that the Bank can focus on its core mission.

Net Zero Watch director Andrew Montford said:

It’s preposterous for the Bank to be worrying about tiny carbon footprints at a time of high inflation. Reasonable people will conclude that the Old Lady of Threadneedle Street has lost the plot, and will ask themselves whether this is why the inflation target has been so badly missed.”