10 steps. How Charles III wants to change the economy of Britain

David JackySeptember 11, 2022

0 210 7 minutes read

Unlike his mother, who unexpectedly ascended the throne at 25, the new King of Great Britain, Charles III, spent his whole life preparing to take the crown. As a prince, he repeatedly expressed ideas for the development of the world economy. However, Russian Britishists are sure that Karl’s initiatives will not be able to be implemented.
Queen Elizabeth II of Great Britain , who ruled for more than 70 years, died on Thursday, September 8, in Scotland at the age of 96. Her son Charles III ( Prince Charles chose this throne name for himself) will be formally proclaimed King of Great Britain on Saturday 10 September, the Times reported . He is expected to have his first audience with Prime Minister Liz Truss on Saturday evening.

The interaction between the government and the monarch in Britain is subject to tradition: the head of state stands, as it were, above politics and the economy. But Karl managed to establish himself as “a prince who interferes in other than his own affairs.”

“Karl expressed many of his thoughts, including on economics, for which he was called “the prince who interferes in his own affairs,” said Elena Ananyeva , head of the Center for British Studies of the Russian Academy of Sciences .

10 steps to a sustainable economy
At the forum in Davos in 2020, Prince Charles presented a program for the development of a sustainable economy. In his opinion, the recovery from the coronavirus crisis is an opportunity to reset the global economy and put emphasis on sustainable development without further damage to the planet. The prince announced 10 steps that need to be taken to achieve this, The Guardian reported .

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First, we need to put nature and the protection of natural capital at the forefront. Secondly, to achieve a zero carbon footprint.

The third point is to rethink industries through the lens of sustainable markets. Then, identify game-changing technologies that can accelerate the creation of a sustainable economy and remove barriers to change. We need to eliminate subsidies that prevent the economy from becoming more sustainable. Set taxes, shape regulations in such a way as to stimulate sustainable markets.

The Prince called for investment in science, technology, engineering and math skills, research and development to help bring new technologies to market. Invest in nature as a driving force for economic growth. The Prince considered it necessary to create common indicators to measure environmental, social and management standards. The purpose of this is to ensure transparency in the company’s supply chains.

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The ninth step is to make it easier for consumers to understand which products are ethical and safe. Finally, reshape investments so that they can support sustainable development. This would allow trillions of pounds to go into pension funds, sovereign wealth funds for environmentally responsible projects that offer long-term value and rate of return.

“The crisis triggered by the coronavirus pandemic offers a chance to move from an economy based on fossil fuels to a circular bioeconomy based on nature,” Prince Charles said in 2021.

In 2022, he stated that the government will stimulate economic growth in order to improve living standards and fund sustainable investment in public services. “This will be underpinned by responsible public finance, debt reduction while reforming and lowering taxes,” he added.

“Those were beautiful words”
Ananyeva from the Russian Academy of Sciences is sure that Charles III will not be able to realize his ideas on the throne.

“The monarchy in Britain is constitutional. This means that the monarch does not interfere in anything. He approves the decisions that the Prime Minister proposes to him. Karl will not be able to realize his ideas on the throne, including those on bioeconomics, being a monarch, ”the expert pointed out.

According to her, the monarch in Britain does not have the right to veto government decrees or bills already passed by Parliament.

“The monarch approves all the laws of Parliament. But he can exclude from the agenda of parliament a bill proposed by an ordinary deputy. Britain has an unwritten constitution, unwritten agreements, traditions. The monarch also approves government decrees on the proposal of the prime minister, ”Ananyeva emphasized.

As an example, she recalled that Boris Johnson, as prime minister, in 2019 brought a decree to dissolve Parliament for the signature of Elizabeth II. Traditionally, its work is usually suspended for three weeks for the political parties to hold their annual conferences.

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“Johnson decided to extend this period to five weeks to prevent MPs from having a debate on the Trade Agreement that Johnson negotiated with the European Union. The Queen approved Johnson’s decision. Subsequently, the Supreme Court found this decision illegal. Johnson introduced a bill that would allow the court to decide only procedural issues and not evaluate government decisions in terms of policy. A hung parliament was elected in 2010 (no party won a majority). Then a regulation was developed to prevent the monarch from being drawn into political negotiations between the parties, ”Ananyeva explained.

Natalya Eremina, Professor of the Department of European Studies, Faculty of International Relations, St. Petersburg State University, agreed with her.

“Nothing will change. The economy will be different, and sustainability will be different. These were beautiful words, behind which there is nothing. The monarch rules but does not govern. Nothing changes in this system and should not change. Once the king wants to exercise his veto, there are political tools that can also be used to thwart him. This is a matter of political trust. The confidence of the political elite. She will not be able to trust one person, ”said Eremina.

According to her forecasts, over time, Charles III will abdicate in favor of his son William. But even then the role of the monarch will remain the same, the professor specified.

“Abdication of the throne in favor of the eldest son William is inevitable. There will be some transitional period. When William ascends the throne, nothing will change either. It’s just that the institution of the monarchy will be strengthened due to the fact that William is younger, now he is 40 years old, ”said Eremina.

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The Economist: Wrong energy policy is driving Europe to bankruptcy
Samer Mustafa
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Global Look Press
European countries will go bankrupt in the coming years if they take the wrong steps to get out of the energy crisis. It is reported by RIA Novosti with reference to The Economist magazine.

The publication notes that after the stoppage of gas pumping through the Nord Stream 1 pipeline, the cost of fuel jumped by 30%. If this figure continues throughout the year, the EU ‘s spending on gas and electricity could reach €1.4 trillion, which is seven times more than in recent years, according to Morgan Stanley investment corporation.

The Economist: Wrong energy policy is driving Europe to bankruptcy

https://dailybusinesspost.com/the-economist-wrong-energy-policy-is-driving-europe-to-bankruptcy/

The Economist: Wrong energy policy is driving Europe to bankruptcy

The publication emphasizes that against the background of this situation, the energy crisis has grown into a political and economic one. So, all over Europe, enterprises stop and go bankrupt, incomes fall and residents’ expenses rise. The governments of the EU states are responding to the problem with urgent interventions and payments. For example, Germany will spend another €65bn (1.8% of GDP) on support measures, while the United Kingdom plans to send over £100bn (4.3% of GDP). The EU also allows the introduction of a revenue ceiling for energy companies.

Earlier, Greek Prime Minister Kyriakos Mitsotakis said that European countries were aware of the negative consequences for their economies from the imposition of sanctions against Russia, but did not intend to change their position.