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UK Labour would factor climate change risk into economic forecasts

Labour vows to factor climate change risk into economic forecasts
Shadow chancellor John McDonnell to say ‘overwhelming challenge of climate change’ must be addressed from very centre of government, Guardian, Jessica Elgot, 14 Nov 17, The risk posed by climate change would be factored into projections from the government’s independent economic forecaster if Labour took office, the shadow chancellor will announce on Tuesday.

John McDonnell will highlight the human and economic costs of manmade climate change, calling it the “greatest single public challenge” and say the government should include the fiscal risks posed by global warming in future forecasts.

The landmark change would, for the first time, put climate change on an equal footing with other complex challenges affecting the public finances such as demography.

Under a Labour government, the Office for Budget Responsibility would be given total independence, McDonnell will announce, saying the forecaster would report directly to parliament rather than the Treasury.

Speaking at the Institute for Public Policy Research on Tuesday, McDonnell will say that meeting the challenges of climate change will require “a transformation of our institutions and how our economies are run”.

McDonnell said that Labour “wants to ensure that the overwhelming challenge of climate change is addressed from the very centre of government. This includes the potential losses to the public finances.

“The public deserve to know what impacts we might expect on the national purse from the degradation of our environment. Sound, responsible economic management should already be accounting for this.”…..https://www.theguardian.com/environment/2017/nov/13/labour-vows-to-factor-climate-change-risk-into-economic-forecasts

November 15, 2017 - Posted by Christina Macpherson | climate change, politics, UK