British Businesses: City Practices and Labour Chancellor

british businesses: McDonnell said the Bank's governor would also join the next Labour chancellor on a sustainable investment board to oversee lending to British businesses with the aim of boosting productivity, according to The Guardian. Speaking to City executives in central London on Monday, McDonnell said Labour planned to conduct a review of City practices and how investments could be directed to promote technologies that cut carbon emissions. 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. The review would focus on the shadow banking sector, where borrowing and lending takes place beyond the oversight of regulators. He repeated his warning that firms listed on the London Stock Exchange that failed to meet environmental targets risked being denied access to the main equity market, forcing them to become private businesses or list in other jurisdictions. It will report by October as part of Labour's plans for a green industrial revolution . Global financial bodies not fit for purpose, John McDonnell says Read more McDonnell said I am setting up a review group to overview the financial system as it currently relates to the climate emergency, in terms of both where and how it is causing or exacerbating the problem of climate change and where and how it could be providing solutions to problems. (news.financializer.com). As reported in the news.

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