Labour to give Bank of England role in tackling climate crisis

John McDonnell says Bank would monitor City firms' progress on carbon emissions

Labour plans to give the Bank of England powers to help check the readiness of City firms to cut carbon emissions and invest responsibly to tackle the climate emergency.

John McDonnell, the shadow chancellor, announced proposals for an unprecedented expansion of the central bank's role at the heart of policymaking, with officials at Threadneedle Street supporting the Treasury in checking on progress towards carbon targets.