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UK parliament to debate Money Creation and Society for the first time in 170 years. Here’s why your MPs should be asked to attend:
Parliament places huge scrutiny on how taxpayers’ money is spent. But for the last 170 years, parliament has ignored the question of how money is created in the first place. This will all change on Thursday 20th November when MPs will attend a debate on money creation and society.
Money creation affects almost every aspect of our lives and is directly connected to almost all public policy issues, including public and private debt levels, house prices, and rising inequality, but it’s very poorly understood.
A recent poll found that 7 out of 10 MPs believed that only the government can create money when in fact 97% of money is created by banks as /when they make loans, as recently confirmed by the Bank of England.
There is cross party support calling for a debate on money creation:
Steve Baker, Conservative MP for Wycombe, said: ‘I believe that this is a problem that is absolutely at the heart of our society and what is wrong with our economy. The organisation Positive Money has helped me to campaign on this issue… I want the debate to be on money creation and society to flesh out both the problem and the range of possible solutions.’
In a letter to a constituent, Ed Miliband, Labour party leader said: ‘I do welcome that such fundamental questions are being asked about how the money in our economy is being created and used, how our financial system can be more transparent and accountable and work for the benefit of the country as a whole.’
Nick Clegg, Liberal Democrat leader and deputy prime minster, wrote: ‘I do accept that there is a problem that not enough people, including policymakers, understand how new money is created. This is a problem for a number of reasons, not least that it can hamper attempts at effective reform of the banking system. The creation of money is a matter of significant public interest and we need to make sure it does not become an obscure and technocratic debate.’
UK parliament to debate Money Creation and Society for the first time in 170 years. Here’s why your MPs should be asked to attend:
Parliament places huge scrutiny on how taxpayers’ money is spent. But for the last 170 years, parliament has ignored the question of how money is created in the first place. This will all change on Thursday 20th November when MPs will attend a debate on money creation and society.
Money creation affects almost every aspect of our lives and is directly connected to almost all public policy issues, including public and private debt levels, house prices, and rising inequality, but it’s very poorly understood.
A recent poll found that 7 out of 10 MPs believed that only the government can create money when in fact 97% of money is created by banks as /when they make loans, as recently confirmed by the Bank of England.
There is cross party support calling for a debate on money creation:
Steve Baker, Conservative MP for Wycombe, said: ‘I believe that this is a problem that is absolutely at the heart of our society and what is wrong with our economy. The organisation Positive Money has helped me to campaign on this issue… I want the debate to be on money creation and society to flesh out both the problem and the range of possible solutions.’
In a letter to a constituent, Ed Miliband, Labour party leader said: ‘I do welcome that such fundamental questions are being asked about how the money in our economy is being created and used, how our financial system can be more transparent and accountable and work for the benefit of the country as a whole.’
Nick Clegg, Liberal Democrat leader and deputy prime minster, wrote: ‘I do accept that there is a problem that not enough people, including policymakers, understand how new money is created. This is a problem for a number of reasons, not least that it can hamper attempts at effective reform of the banking system. The creation of money is a matter of significant public interest and we need to make sure it does not become an obscure and technocratic debate.’
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