‘Woke’ banknotes: Bank of England orders money printer to follow ESG rules

The Bank of England, one of the oldest and most respected central banks in the world, has recently come under fire for its plans to implement strict ESG (Environmental, Social, and Governance) and diversity standards for its new banknote printer. This decision has sparked controversy and criticism, with many questioning the practicality and necessity of such measures.

According to reports, the Bank of England has announced that it will be implementing a “pass or fail” regime for all applicants vying for the UK’s new money printing contract. This means that in order to be considered for the contract, companies must meet the bank’s stringent criteria for ESG and diversity. Failure to do so will result in disqualification from the bidding process.

The move has been met with backlash from various quarters, with shadow business secretary Andrew Griffith leading the charge. He has criticized the bank for potentially limiting competition and creating unnecessary barriers for companies that may not meet the strict criteria. Others have also raised concerns about the impact on smaller companies and the potential for increased costs.

However, the Bank of England has stood firm in its decision, stating that these measures are necessary in order to align with its commitment to ESG and diversity. The bank has a responsibility to ensure that its suppliers and partners share the same values and principles, and this includes promoting sustainability and diversity in their operations.

Moreover, the bank has also emphasized the importance of these standards in the wake of the COVID-19 pandemic. The crisis has highlighted the need for businesses to prioritize social and environmental issues, and the bank is taking a proactive approach in ensuring that its suppliers are aligned with this mindset.

It is also worth noting that this is not the first time the Bank of England has implemented such measures. In fact, it has a track record of setting high standards for its suppliers and partners. The bank already requires its suppliers to adhere to strict ethical and environmental codes, and this move to include ESG and diversity criteria is a natural progression in its commitment to responsible and sustainable practices.

Furthermore, this decision is in line with the growing trend of businesses and organizations worldwide incorporating ESG and diversity standards into their operations. It is a reflection of the changing times and the increasing importance placed on social and environmental responsibility.

The Bank of England’s move should be seen as a positive step towards creating a more sustainable and inclusive economy. By setting high standards for its suppliers, the bank is not only promoting ethical and responsible practices, but it is also sending a strong message to the business community about the importance of these issues.

In addition, this decision also has the potential to create a ripple effect, encouraging other businesses to follow suit and incorporate ESG and diversity standards into their operations. This will ultimately have a positive impact on society and the environment as a whole.

It is also important to note that the bank has clarified that these measures will not compromise the quality and security of the banknotes. The printing contract will still be awarded to the most capable and qualified company, with the added bonus of meeting the bank’s ESG and diversity standards.

In conclusion, the Bank of England’s decision to implement strict ESG and diversity standards for its new banknote printer should be seen as a progressive step towards a more sustainable and inclusive economy. It is a reflection of the bank’s commitment to responsible and ethical practices, and it sets a positive example for other businesses to follow. This move should be welcomed and supported, as it has the potential to create a positive impact on society and the environment.