Politics
Climate Advocates Ring Alarm After U.K. Budget Falls Short
- Central bank will incorporate climate in monetary policy remit
- But advocates were disappointed by lack of green spending
Rishi Sunak departs from number 11 Downing Street on his way to present the budget statement in Parliament in London, on March 3.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
In a year when the U.K. is hosting global climate talks and pressing others to adopt more ambitious goals, Chancellor of the Exchequer Rishi Sunak offered little in the way of fresh cash or ideas in his budget.
Environmental advocates were largely disappointed by the lack of spending announced on Wednesday. On Thursday, Exchequer Secretary Kemi Badenoch added to their concerns when she said a new 25 billion pound ($35 billion) tax benefit for companies that invest in the U.K. won’t have green strings attached, potentially opening the door to new fossil fuel investments.