Net Zero policies are pushing up inflation and hitting economic growth, a top Bank of England policymaker has finally admitted – but she does not see that as a reason to oppose them, but then at £90,000 a year why should she?
A Bank of England Policy Maker has said that climate change policies are causing inflation to rise and hitting the average family who are already struggling with the cost of living crisis, but she insists, she can't see that as a reason to oppose them.
Carbon taxes both direct and indirect are said to now be adding £6,070 per year on average household bills with that rising year on year until 2050, but Catherine Mann, a Policy Maker at the Bank of England does not believe that the crippling cost of chasing Net Zero should be a reason not to do it.
Climate change policies including carbon taxes and emissions trading schemes raise costs for families as companies pass the extra costs on to their customers, said Ms Mann, a member of the interest rate-setting Monetary Policy Committee.
In a no-shit-Sherlock moment Ms Mann announced that "economists had found that carbon taxes, public investments, and subsidies are all inflationary”, Mann who is reportedly paid over £90,000 per year by the Bank of England for this sort of insight, made the announcement to an audience at elite Oxford University. Ms. Mann then added: “Evidence has suggested upward pressure on inflation [and] downward effects on output.”
It comes after the Government rowed back on some of its Net Zero policies, delaying a ban on the sale of new petrol and diesel cars from 2030 to 2035. In September the Prime Minister also said he would delay the ban on new oil-fired boilers from 2026 to 2035 and increase grants for heat pumps.
The Bank of England itself has faced criticism for its focus on climate change, a move promoted by former Governor and WEF puppet Mark Carney who made the policies and decisions of the Bank of England entirely about Climate, helping to cripple Britain's economy under the globalist climate change lie.
But Ms. Mann claimed the Bank’s interest in climate change and Net Zero policies is critical because they affect inflation. “Not only is it within my remit to respond to the macroeconomic effects of climate change, but, in my view, my remit requires me to do so,” she said.
“When climate change has macroeconomic effects – whether physical impacts from extreme weather events and higher average temperatures or transition effects associated with transforming to a Net Zero economy, including explicit implications for inflation – it becomes a concern for monetary policymakers, directly within a price stability mandate."
“That applies whether the monetary policymaker’s remit includes a reference to climate change or not.” Ms. Mann, who has consistently voted for higher interest rates than the majority of the nine-strong MPC, said Net Zero policies affect inflation as governments seek to push businesses away from established, but polluting production methods and into new greener methods.
But this means piling extra costs onto polluting businesses “presumably to be passed on fully or in part to consumers, which prompts the behavioural change needed to reduce emissions”.
Even if consumers themselves choose to buy less polluting products, the extra demand will push up prices until companies can boost the supply of the greener goods and services, Ms. Mann added.