With Theresa May suddenly catapulted into the UK Prime Minister’s seat after Brexit and the dramatic political events that followed, exciting new opportunities have opened up for our campaign for a fair, democratic, and sustainable money system.
Last week Theresa May hinted her government might adopt a different approach to monetary policy. She called for “an economy that works for everyone” and confirmed what is now widely recognised by economists and financial institutions: The Bank of England’s policies of ultra-low interest rates and quantitative easing have increased inequality.
This is exciting stuff from our new Prime Minister! But if Theresa May wants to convince the Bank of England to change its tune – away from quantitative easing that simply pushes stock prices up and makes the rich richer, and towards money creation that works in everybody’s interest – she’ll need more politicians and Conservative MPs on board.
That’s where we come in.
The Conservative Party conference is happening in just over two months. There’ll be lots of Conservative MPs roaming around looking for economic solutions. Many Conservatives know that QE is problematic because it increases inequality. Now they need to understand that better, fairer policies are possible. Together – we can show them there is another way.
Putting on an event at the Conservative Party conference costs money. We’ll need to book a space, print hundreds of flyers and reports to hand out, and staff to man the desks. And we’ll need to get moving quickly.
It looks like the Bank of England is thinking of another round of traditional quantitative easing, in the aftermath of Brexit and resulting economic uncertainty. But this will only lead to more pumped-up stock markets and greater inequality.
More and more Conservatives are uncomfortable with the fact that QE leads to inequality. And Theresa May has staked her first speech on the issue. So this is our opportunity to present them with the solution – money creation that works for people.
Having an event at the Conservative Party Conference will be the launch pad for Positive Money’s new campaign: Quantitative Easing for the People. This is also known as Public Money Creation, where money is created by the Bank of England but instead of going into financial markets as with normal QE, it’s spent into the real economy and benefits those who need it the most.
Whilst the issue’s hot, let’s not miss this opportunity to show the MPs in government that there’s another way to put money into our society. And a way that works for millions of ordinary people.
Please can you chip in now?
Thanks for being involved!