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Inflation, Net Zero, and the Bank of England

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Inflation, Net Zero, and the Bank of England
A member of the public walks past the Bank of England in London on Oct. 3, 2022. Dan Kitwood/Getty Images
Rupert Darwall
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Commentary
“What a banker,” read the unsubtle headline in The Sun. “BoE official on £190k salary says Brits must accept they’re worse off.” The Mail agreed. “BoE chief risks fury as he says Brits must accept they are poorer.” What sparked the tabloids’ outrage was a Columbia Law School podcast with Huw Pill, the Bank of England’s chief economist and a member of the Bank’s interest-rate-setting Monetary Policy Committee. Pill made the uncontroversial point that higher energy prices were making Britons worse off, but that attempts by workers and firms to recoup the real spending power they’d lost risked embedding inflation.
Rupert Darwall
Rupert Darwall
Author
Rupert Darwall is a senior fellow of the RealClear Foundation and author of the books “The Age of Global Warming: A History,” “Green Tyranny: Exposing the Totalitarian Roots of the Climate Industrial Complex,” and “Going Through the Motions: The Industrial Strategy Green Paper.” Darwall also authored the reports “The Climate Noose: Business, Net Zero, and the IPCC’s Anti-Capitalism,” “Capitalism, Socialism and ESG,” “Climate-Risk Disclosure: A Flimsy Pretext for a Green Power Grab,” “The Anti-Development Bank: The World Bank’s Regressive Energy Policies,” and “The Folly of Climate Leadership.”
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