Leftist green agenda policies are driving up inflation, raising the cost of consumer goods and depressing economic production, a top policy advisor to the Bank of England has admitted.
Net Zero agenda items pushed by the so-called Conservative party in the UK such as taxes on carbon and emissions trading schemes are increasing inflation and worsening the wallet crunch for Britons as companies pass along the costs onto average consumers, Catherine Mann, a member of the Bank of England’s Monetary Policy Committee has acknowledged.
In comments reported by The Telegraph from an address delivered at Oxford University, Mann said that economists have concluded that green “carbon taxes, public investments, and subsidies are all inflationary”.
“Evidence has suggested upward pressure on inflation [and] downward effects on output,” she continued, explaining that the Net Zero levies on businesses are then “passed on fully or in part to consumers, which prompts the behavioural change needed to reduce emissions”.
However, the advisor to the Bank of England defended the financial institution’s role in pushing the green agenda forward, arguing that it is necessary to prevent the disputed potentially larger negative impacts on the economy by allegedly man-made climate change.
“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,” she said.
“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.”
The admissions from the Bank of England advisor come after Prime Minister Rishi Sunak enraged the liberal establishment media in Britain by slightly scaling back some of the government’s net zero policies, such as delaying the ban on sales of new petrol and diesel cars from 2030 to 2035. Sunak has also delayed the ban on new oil-fired boilers from 2026 to 2035 as well as increasing government subsidies for the installation of home heating pumps.
However, the slight delays on such diktats will not deter the government from seeking to reach net zero carbon emissions by the year 2050, with Sunak saying in September that he is “confident” that the climate target will still be met.
Sunak has also steadfastly refused to allow for the fracking for natural gas, the deposits of which by some estimates could meet the nation’s entire energy needs for decades.
The globalist-oriented PM reinstituted the fracking ban as one of his first acts after being installed in Downing Street last year after Liz Truss, who sought to overturn the ban, was removed in a Westminster coup after just fifty days in office.
The green agenda pursued by the neo-liberal Tory Party has not only had negative impacts on the economy but also poses a threat to Britain’s national security, a report from the Joint Committee on National Security Strategy found last year.
The report wanted that the UK was exposed to “critical risks” as a result of the war on traditional and reliable forms of energy and therefore will see the country becoming more reliant on so-called renewable energy sources, which they noted “are more vulnerable to extreme weather than gas and other fossil fuels.”