Our monthly round-up of news, ideas and initiatives related to transforming the UK financial system for people and planet, compiled by the Lab’s CEO, Jesse Griffiths.
The UK’s ‘dirty money’ problem…
At least £325 billion a year of dirty money flows through the UK every year. Here are some videos about the problem. We could start by stopping illicit gold.
And then stop illicit funding of political parties and adopt a practical agenda to restore integrity to public life.
The two nations (finance edition)
How big is financial fraud in the UK?
Trillionaires are a national security risk and the ultra-rich are driving climate damage. Britain is one country where the ultra-rich are growing fastest. Time to read the Global Justice Report and have a conversation about wealth inequality in the UK.
At the same time, not enough people will be able to meet basic retirement living standards.
Financial crisis on the horizon?
What to watch if you want to assess the risk of financial crisis: high debt levels and reliance on short-term debt. The systemic risk from shadow banking is also worrying. AI might cause a financial crisis. As more and more assets become uninsurable because of climate change, the insurance sector becomes a major financial stability risk.
So now is not the time to weaken the UK’s bank rules. Here are seven principles for sustainable banking regulation.
A safer climate
The Iran war could send our pensions up in smoke and biodiversity loss could trigger sovereign debt crises. Meanwhile, big banks’ fossil fuel lending went up again.
Good therefore that the Bank of England will stop borrowers using some fossil fuel assets as collateral – one example how greening finance rules means going beyond transparency.
Meanwhile, the UK’s net-zero economy is worth more than £100bn per year and the UK’s 7th carbon budget will deliver £865bn in economic benefits.
Find out how dependent the UK economy is on nature.
And also
The UK has a poor record of lending to small businesses.
Why the government should shelve plans to weaken the Financial Services Ombudsman.
How to power up Community Energy.