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

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Summary | 5 Annotations
Chancellor Rishi Sunak is being urged to use the Budget to change the financial system to better protect the environment.One group wants him to impose a carbon tax and use the proceeds to protect the poor from high energy bills.A second petition is calling for Bank of England rules to encourage banks not to invest in fossil fuels.
2021/02/24 17:40
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".
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The petition comes from Positive Money, a not-for-profit organisation claiming 65,000 supporters that was set up in the aftermath of the financial crisis and is funded by trusts and foundations.
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The petition comes after MPs on the cross-party Environmental Audit Committee (EAC) last week called on the government to add climate and nature objectives to the Bank’s mandate
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The UK currently runs several taxes that affect carbon emissions, including Air Passenger Duty, the landfill tax and car tax.The campaign asks the chancellor to simplify the “inconsistent” pricing system by placing a charge on every tonne of CO₂ emitted in the UK. Proceeds should be used to shield the poorest from the tax changes, it said.
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