To the future Prime Minister of the UK: The same banks that - TopicsExpress

To the future Prime Minister of the UK: The same banks that caused the financial crisis currently have the power to create 97% of the UKs money. Theyve used this power recklessly, putting most of the money they create into property bubbles and financial markets. And now theyre back to their old ways. We need a change. The power to create money should only be used in the public interest, in a democratic, transparent and accountable way. The 1844 law that makes it illegal for anyone other than the Bank of England to create paper money should be updated to apply to the electronic money currently created by banks. When new money is created, it should be used to fund vital public services or provide finance to businesses, creating jobs where theyre needed, instead of being used to push up house prices or speculate on the financial markets.

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