Feb 24, 2021

Budget 2021: Chancellor must 'make finance green', say campaigners

A second petition is calling for Bank of England rules to encourage banks not to invest in fossil fuels. Campaigners want the new wording to stop the Bank from supporting fossil fuel firms through schemes such as its £20bn corporate bond purchase programme, which involves buying debt issued by firms such as Shell and BP. The Bank responded to similar calls in January by saying that it has "An ambitious work programme on climate change, from the stress testing of the largest UK banks and insurers against climate-related financial risks through to working internationally with the central bank network for greening the financial system". One campaigner, Hannah Dewhirst, said: "The Bank and the financial system it regulates is currently funding catastrophic climate breakdown, which will again see ordinary people paying the price of bankers' recklessness." "Anna Vickerstaff, another campaigner for the climate group 350.org, said:"British banks are the worst in Europe for funding fossil fuels. The Treasury will not discuss tax changes until the Budget, while the Bank of England declined to comment when it was approached by BBC News..

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