Anna Pick
New Green Finance Strategy silent on winding down fossil fuel finance, say experts
6 April, 2023LONDON, 6th April 2023 Download the full letter: [pdf] and accompanying briefing [pdf]. Experts have warned that the government’s new Green Finance Strategy is “missing any meaningful action on winding down financing of fossil fuels”. Experts have written to Energy Security and Net Zero Minister Grant Shapps to express concern that despite Rishi Sunak’s promise [...]
New Green Finance Strategy – response
30 March, 2023London, Thursday 30th March The government has today published a long-awaited update to its Green Finance Strategy, setting out plans to map green investment flows, articulate investment needs by sector, and summarise “the relevant government policy and funding to make the sector investable” by the end of the year. The strategy also sets out plans [...]
SVB collapse makes case for digital pound & Bank of England climate and capital report
13 March, 2023London, 13th March 2023 On the collapse of Silicon Valley Bank (SVB), Simon Youel, Head of Policy and Advocacy at Positive Money, commented: “The fact that firms’ ability to make payroll is dependent on the solvency of banks like SVB illustrates one of the biggest problems that a public digital pound would solve. “Alongside physical [...]
Barclays 2022 profits – Positive Money response
15 February, 2023London, Wednesday 15th February 2023 Barclays has today announced that its profits for 2022 were £7bn. Barclays’ results come as Positive Money launches a campaign calling for a windfall tax on banks’ excess profits. Fran Boait, executive director at Positive Money, commented: “Let’s be clear: these profits were taken directly from the pockets of struggling [...]
Interest rate decision – Positive Money response
2 February, 2023The Bank of England has raised interest rates for the tenth time in a row. The Monetary Policy Committee voted to raise rates by 0.5% to a 15-year high of 4%. Fran Boait, executive director at Positive Money, commented: “Raising interest rates today was the wrong decision. Higher rates have already exacerbated the cost of [...]
Hunt financial deregulation announcement
9 December, 2022London, Friday 9th December 2022 The Treasury has today set out the next phase of its plans to shake up the financial sector and replace key aspects of the EU regulatory regime. Key announcements include a review of the “ring-fencing” regime introduced after the 2008 financial crisis to separate banks’ retail services from riskier investment [...]
Autumn Statement deregulation
17 November, 2022London, Thursday 17th November 2022 In today’s Autumn Statement, Chancellor Jeremy Hunt has announced an overhaul of important aspects of insurance regulation known as Solvency II rules. Insurance industry lobbyists claim that their proposed reforms to Solvency II will enable firms to release billions of pounds of capital for investment in energy and infrastructure, but [...]
Good news you might have missed last week
27 October, 2022October 27, 2022 After another week of chaos in British politics, and with the cost of living scandal deepening, it can be hard to feel hopeful. But campaigning is making a difference. Here are 5 bits of good news you might have missed last week in the fight for a greener, fairer financial system. 1. [...]
Bank of England says ‘further progress’ needed for financial firms to address climate
21 October, 2022London, Friday 21st October 2022 The Bank of England has written to finance CEOs warning that firms must demonstrate “further progress” on tackling climate risks. In a letter from Deputy Governor Sam Woods, the Bank warns that firms falling short of supervisory expectations will be asked to provide a “roadmap explaining how they intend to [...]