Rachel Reeves believes that the Bank of England must prioritize climate change alongside economic growth, making it a core focus in her proposed budget.
Critics argue that the Bank should not address climate-related issues as it could distract from its primary role of maintaining price stability amid rising inflation.
Former governor Lord Mervyn King emphasized that the Bank's main remit is controlling interest rates and inflation, asserting climate concerns aren't within its scope.
In counter-argument, Labour suggests that integrating climate risk into economic policy is essential for long-term financial stability and managing vulnerabilities.
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