Watch the recording of a debate between Ben Dyson, founder of Positive Money and comedian, author of 'Life after the State' and anarchist Dominic Frisby.
The Story of Our Economy in 2015: A cocktail of household consumption, household consumption, and more household consumption
Debt-fuelled consumption underpinned economic growth in 2015. Without upgrading the policy ‘toolkit’ available to the Bank of England, the UK economy could come undone in the years to come.
The time for a public inquiry on money, finance and their effects on society in the 21st century is fast approaching. The last time the British government established a commission to investigate whether the banking and financial system was helping or hindering the British economy was in 1929, after the 1929 stock market crash which caused the Great Depression.
The UK’s Competition and Markets Authority (CMA) has been investigating the low level of competition between banks in the UK. They released their provisional findings today, but backed away from any measures that would enable true competition. As we warned in our initial submission to the Commission, it’s an illusion to think that switching between four large and almost identical banks is true competition. We argued that there’s much greater chance of real competition if tech firms are allowed to compete with banks to provide current accounts to individuals and businesses. But the CMA’s recommendations do nothing to enable that.