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On 3 March 2021, Chancellor Rishi Sunak delivered the UK Budget 2021 (the Budget). Understandably, the Chancellor’s focus was on setting out the road map to the United Kingdom’s economic recovery from COVID-19. The Budget, however, was also an opportunity for the government to unveil spending plans to match its ambitious climate target: to reach net zero by 2050.
Several promising green economy measures were announced, as discussed below.
Green Finance
Some of the most-welcome measures announced were those related to sustainable finance.
The remit of the Bank of England’s Monetary Policy Committee was updated to include a duty to support the government’s net zero ambition - a significant move that should help to align monetary policy with sustainable growth. From its next scheduled round of investments in the fourth quarter of 2021, the Bank of England will adjust its approach to buying corporate bonds to a
UK austerity sits in sharp contrast with US bounty gulftoday.ae - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulftoday.ae Daily Mail and Mail on Sunday newspapers.
The Chancellor of the Exchequer has listened to the forecasts from the Office for Budget Responsibility (OBR) and presented an ambitious budget for the year 2021-22 which makes for a modest economic outcome in the next 12 months.
Tuesday, March 9, 2021
On 3 March 2021, Chancellor Rishi Sunak delivered the UK Budget 2021 (the Budget). Understandably, the Chancellor’s focus was on setting out the road map to the United Kingdom’s economic recovery from COVID-19. The Budget, however, was also an opportunity for the government to unveil spending plans to match its ambitious climate target: to reach net zero by 2050.
Several promising green economy measures were announced, as discussed below.
GREEN FINANCE
Some of the most-welcome measures announced were those related to sustainable finance.
The remit of the Bank of England’s Monetary Policy Committee was updated to include a duty to support the government’s net zero ambition - a significant move that should help to align monetary policy with sustainable growth. From its next scheduled round of investments in the fourth quarter of 2021, the Bank of England will adjust its approach to buying corporate bonds to account for the climate impac