Supportive MP’s

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‘The mechanics of money creation are poorly understood by politicians, the public and even economists. The result is a thoroughly inadequate debate about the causes of the economic crisis, the fundamental reasons for economic injustice and the source of some of the most corrupting influences on our society. Until money creation and its consequences are widely understood, it is difficult to see how public policy will serve the public good. Steve Baker, Conservative MP

‘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.’ Ed Miliband MP, Labour Leader

‘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.’ Nick Clegg MP, Liberal Democrat Leader

‘The debate that Positive Money has started is an incredibly important one. We all need to better understand the role that money and its creation plays in our economy. There is no doubt that our financial system and the ecosystems on which we depend are at the point of collapse. We can tackle both problems simultaneously if we’d only admit their interdependence. If we’d only recognize that how we spend money and how we create money, has an impact on our environment.’ Caroline Lucas, Green Party MP

‘[C]ommercial banks have an even greater power than that: they have the power to create credit—that is, money—by expanding their balance sheets. It is not widely understood how important this power is: of the money presently in circulation in the UK economy today, three per cent takes the form of cash; 97 per cent is in credit and deposits. This financial alchemy is an extraordinary privilege, which we as citizens and taxpayers underwrite. Jesse Norman, Conservative MP, The Case for Real Capitalism

‘The key issue which this country has got to face up to is the restoration of democratic accountability via the control over the money supply.’ Michael Meacher, Labour MP

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