{"id":289124,"date":"2023-11-29T09:03:45","date_gmt":"2023-11-29T08:03:45","guid":{"rendered":"https:\/\/climatescience.press\/?p=289124"},"modified":"2023-11-29T09:03:48","modified_gmt":"2023-11-29T08:03:48","slug":"lord-frost-calls-for-bank-of-england-climate-role-to-go","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=289124","title":{"rendered":"Lord Frost calls for Bank of England climate role to go"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Net Zero Watch<\/a><\/p>\n\n\n\n

The former chief Brexit negotiator Lord Frost has welcomed a Parliamentary report that called for the Bank of England to lose its remit to fight climate change.<\/h5>\n\n\n\n

<\/p>\n\n\n\n

The report, from the House of Lords Economic Affairs Committee, was published on Monday, and noted that numerous witnesses had expressed concern over the addition of irrelevant roles to the Bank\u2019s workload. Many witnesses said the climate remit, in particular, was problematic, suggesting that it risked \u201cjeopardising the Bank\u2019s ability to prioritise its primary objectives\u201d.<\/p>\n\n\n\n

Last week, Chancellor Jeremy Hunt deprioritised global warming in the Bank\u2019s work programme, but the new report has increased pressure for its wholesale removal.<\/p>\n\n\n\n

The climate-change role was added to the Bank\u2019s remit in 2021 by the then Chancellor, Rishi Sunak.<\/p>\n\n\n\n

Lord Frost said:<\/p>\n\n\n\n

\n

\u201cIt\u2019s obvious that effective central banks should concentrate on their core objectives of avoiding inflation and ensuring financial stability. Requiring them to promote the economy-crushing net zero programme just makes it harder for them to focus on these primary tasks and more likely we will see more of the policy mistakes that have been so evident in the last couple of years.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Net Zero Watch director Andrew Montford said:<\/p>\n\n\n\n

\n

With Andrew Bailey saying the outlook for the economy is the worst he has ever seen, it\u2019s vital that the machinery of Government has a laser focus on growth. We can no longer afford distractions like Net Zero.<\/p>\n<\/blockquote>\n\n\n\n

Net Zero Watch has criticised the Bank of England for its fatally flawed \u2018climate stress test\u2019 report which used false data and discredited scenarios.<\/p>\n\n\n\n

Notes for editors<\/h3>\n\n\n\n
    \n
  1. Economic Affairs Committee report at https:\/\/committees.parliament.uk\/publications\/42289\/documents\/210238\/default\/<\/a><\/li>\n\n\n\n
  2. Andrew Bailey comments at https:\/\/www.telegraph.co.uk\/business\/2023\/11\/27\/britain-growth-outlook-worst-ever-andrew-bailey-bank\/<\/a><\/li>\n\n\n\n
  3. Net Zero watch criticism of Bank of England stress tests at\u00a0https:\/\/www.netzerowatch.com\/bank-of-england-used-false-data-and-discredited-scenarios-to-exaggerate-climate-costs\/<\/a><\/li>\n<\/ol>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    From Net Zero Watch The former chief Brexit negotiator Lord Frost has welcomed a Parliamentary report that called for the Bank of England to lose its remit to fight climate change. The report, from the House of Lords Economic Affairs Committee, was published on Monday, and noted that numerous witnesses had expressed concern over the […]<\/p>\n","protected":false},"author":121246920,"featured_media":289125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"The former chief Brexit negotiator Lord Frost has welcomed a Parliamentary report that called for the Bank of England to lose its remit to fight climate change.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820165,691818056,691821685,691818154],"class_list":["post-289124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bank-of-england","tag-climate-change","tag-lord-frost","tag-net-zero","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1ddi","jetpack-related-posts":[{"id":261932,"url":"https:\/\/climatescience.press\/?p=261932","url_meta":{"origin":289124,"position":0},"title":"Bank of England\u2019s credibility and UK economy at risk from Net Zero radicalism","author":"uwe.roland.gross","date":"06\/13\/2023","format":false,"excerpt":"Net Zero Watch has called on MPs to reject Megan Greene from joining the Bank of England\u2019s rate-setting Monetary Policy Committee and warned that her green activism risks undermining the credibility of the Bank\u2019s neutrality in setting interest rates.","rel":"","context":"In \"Bank of England\"","block_context":{"text":"Bank of England","link":"https:\/\/climatescience.press\/?tag=bank-of-england"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0net-zero_cities.jpg?fit=1200%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0net-zero_cities.jpg?fit=1200%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0net-zero_cities.jpg?fit=1200%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0net-zero_cities.jpg?fit=1200%2C600&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0net-zero_cities.jpg?fit=1200%2C600&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":239041,"url":"https:\/\/climatescience.press\/?p=239041","url_meta":{"origin":289124,"position":1},"title":"Fed chief Powell: Central banks must not lead fight on climate change","author":"uwe.roland.gross","date":"01\/11\/2023","format":false,"excerpt":"Sounds like the old armed forces \u2018mission creep\u2019. 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