BOE Seen Undermining Johnson’s Green Recovery Pledge With QE
- Carbon bias in BOE corporate bond buying program, report says
- Governor Bailey has said tackling climate change is a priority
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The Bank of England is facing pressure from green campaigners to revise its pandemic rescue program after research showed it’s effectively subsidizing polluting industries while claiming tackling climate change is a priority.
The central bank’s 20 billion pound ($26 billion) Corporate Bond Purchase Scheme favors carbon intensive industries such as energy production and manufacturing, according to a report led by the New Economics Foundation on Tuesday. Protesters wearing masks of Governor Andrew Bailey will gather outside the bank on Thursday, when policy makers are due to make their next decision on interest rates.