1/5 Government recognising this budget that the Bank of England can't solve inflation alone is a step towards stronger monetary-fiscal coordination that NEF has been calling for some time: t.co/yc4IEFFamD

Great to see that following my colleague @chaitanyakumar.bsky.social's oral evidence session in June, the Treasury Select Committee has endorsed our recommendation for the Treasury to explore the merits of allowing the NWF to borrow funds directly from the market.

bit.ly/4oaCGhM

We're not doing badly on the mitigation investment front - a super helpful comparison of the CCC's estimates for annual public investment need 25-26 to 29-30 from its 7th CB report vs the spending review allocations 6/6

In fact, we can see that in a 3°C world central scenario, almost 60% of OBR's projected jump in public debt comes from the weaker growth that climate breakdown will impose on tax revenues and productivity 3/6

The estimated damage that higher temperatures will inflict on GDP has majorly increased since their last report. This is because they incorporate more types of damages than previously and acknowledge the persistence of these effects 2/6

Touched down in Brussels for @neweconomics.bsky.social monetary-fiscal coordination event featuring Swati Dhingra & Hans Stegeman 🥳

The NWF is tiny relative to European comparators, who issue their own bonds (NWF raises finance via the Treasury), and relative to what the UK used to receive from the European Investment Bank pre-Brexit - as shown by @ukandeu.bsky.social's great data.

This is partly due to factors outside of UKIB's control - but also its own restrictive investment approach. UKIB was wary not to 'crowd out' private investment. But as the risk of under-delivery of net zero targets becomes more urgent, can NWF justify not doing all it can to make investment happen?

Behind the scenes Labour is forging its strategy for the the NWF - whose predecessor UKIB struggled to get money out the door.