Positive Money welcomes climate conditions for BoE energy bailout
17 October, 2022London, 17 Oct 2022 Firms participating in the Bank of England’s new Energy Markets Financing Scheme will be required to meet strict conditions, including setting out net zero transition plans and disclosing climate risk. Fran Boait, executive director of research and campaign group Positive Money, commented: “It’s good to see that the Bank of England [...]
A bankers’ budget
23 September, 2022LONDON - Friday 23rd September 2o22 Responding to today's Mini Budget, Fran Boait, executive director of research and campaign group Positive Money, commented: “This is not a cost of living budget, it’s a bankers’ budget. At a time when ordinary families are choosing between heating and eating, the Chancellor has chosen to focus on handouts [...]
Scrapping banker bonus cap would be shameful
15 September, 2022The Treasury is considering removing a cap on bankers' bonuses as part of a post-Brexit shake-up of City rules. Fran Boait, Executive Director at Positive Money said: “Gifting bankers uncapped bonuses at a time when millions of households are choosing between eating and heating is beyond tone deaf - it’s shameful. “Providing greater relief to [...]
The new cabinet – what it means for a fair, green economy
7 September, 2022September 7, 2022 Liz Truss has been confirmed as the new Prime Minister, with key cabinet appointments including Kwasi Kwarteng, Jacob Rees-Mogg and Graham Stuart. What does this mean for the movement to create a fair, democratic and sustainable financial system? Read on for 3 major battlegrounds to watch this autumn. 1. Bank of England [...]
75 leading thinkers call for an overhaul of green finance rules – press release
5 July, 2022LONDON, 5th July 2022 - Ahead of the Bank of England’s Financial Stability Report, 75 leaders from civil society and academia have written to the government calling for a new vision of green finance to help tackle the cost of living crisis, improve the UK’s energy security and accelerate the green transition, by ensuring that [...]
75 leading thinkers call for an overhaul of green finance rules
5 July, 2022Ahead of the Bank of England’s Financial Stability Report, 75 leaders from civil society and academia have written to the government calling for action to ensure that rising interest rates do not choke off critical green investment and to shift financial flows out of fossil fuels. To tackle the cost of living, establish the UK’s [...]
Climate Change Committee confirms voluntary pledges no substitute for financial regulation
29 June, 2022London, 28 June 2022 Responding to the Climate Change Committee’s 2022 Progress Report, Fran Boait, executive director of research and campaign group Positive Money, commented: “Today’s report confirms that near-term ambition on aligning financial flows with the Paris Agreement is too weak, and it’s very concerning that private sector commitments are waning so soon after [...]
Stress tests show climate delay could cost banks an extra £110bn
24 May, 2022London, 23rd May 2022 The Bank of England has published the results of its climate ‘stress tests’, which assess the resilience of UK banks to different climate scenarios. The Bank of England’s stress tests assess how banks and insurers can cope with severe economic scenarios. The 2021 Climate Biennial Exploratory Scenario (CBES) explores the resilience [...]
Economists warn Sunak against financial deregulation
16 May, 2022London, 16th May 2022 58 leading economists have written an open letter to the Chancellor, Rishi Sunak MP, and the Economic Secretary to the Treasury, John Glen MP, outlining their concerns regarding proposals to make ‘competitiveness’ a greater focus in financial regulation. A landmark post-Brexit Financial Services and Markets Bill was announced at the Queen’s Speech last [...]