We are calling on the UK government to set up a parliamentary investigation into the impact that money creation by commercial banks has on society. We want a commission to examine whether we currently have the right tools to deliver economic stability and consider alternatives, including Positive Money’s proposal for Sovereign Money Creation.
Why is a Money Commission needed now?
Our money and banking system is failing to meet the needs of society. It has left us with unaffordable housing, worsening inequality and banks that are subsidised and underwritten by taxpayers' money.
At Positive Money we think things could be different. We believe a public inquiry is essential if we are going to to examine the root cause of our unstable financial system. Monetary policy adopted since the crash has been ineffective. Quantitative Easing has increased inequality, and we are now seeing a return to pre-crisis levels of household debt.
We need to examine whether we have the right monetary tools to deliver economic stability - and look at alternatives. The UK has not examined how its money system operates since the 1930s. This needs to change now.