Leftist green agenda policies are driving up inflation, raising the cost of consumer goods and depressing economic production, a top policy advisor to the Bank of England has admitted.
Net Zero agenda items pushed by the so-called Conservative party in the UK such as taxes on carbon and emissions trading schemes are increasing inflation and worsening the wallet crunch for Britons as companies pass along the costs onto average consumers, Catherine Mann, a member of the Bank of England’s Monetary Policy Committee has acknowledged.
In comments reported by The Telegraph from an address delivered at Oxford University, Mann said that economists have concluded that green “carbon taxes, public investments, and subsidies are all inflationary”.
“Evidence has suggested upward pressure on inflation [and] downward effects on output,” she continued, explaining that the Net Zero levies on businesses are then “passed on fully or in part to consumers, which prompts the behavioural change needed to reduce emissions”.
However, the advisor to the Bank of England defended the financial institution’s role in pushing the green agenda forward, arguing that it is necessary to…
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