Bank of England Governor Andrew Bailey has today trumpeted the long-term economic  benefits for the UK in decarbonising the economy and achieving net zero emissions, declaring there is “no excuse” for failing to tackle climate change despite the various near term economic challenges facing the country.

“Unlike pandemics and wars which are terrible, and events that we’re having to deal with – climate change I’m afraid is highly predictable,” he said in a speech this morning. “That’s the reality. And there is therefore no excuse for failing to tackle it.”

He added that while government policy would be critical to achieving the UK’s net zero targets, private sector investment – and the actions of the Bank of England and financial regulators – also had crucial roles to play, particularly against a backdrop of sluggish economic growth and persistent inflation.

“A big challenge we face and the world economy [faces] is

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