HIGHLIGHTS
10 Years On from the financial crisis
Positive Money’s Fran Boait explains how not enough has changed a decade on from the crash
BBC Breakfast, 13th September 2018
Bank of England urged to focus on green objectives
“Climate change should be placed “front and centre” of the Bank of England’s mandate so that the central bank can boost green investment, according to a new report that has won broad backing from the chair of the UK’s climate watchdog.”
The Financial Times, 15 May 2018
Cash Isn’t Going Down Without a Fight in Digital U.K.
“With about 5 percent of the adult population of Britain still reliant on notes and coins for almost all their day-to-day payments, campaign group Positive Money is calling on the government to enshrine consumers right to pay with cash and protect ATMs from closure.”
Bloomberg, 20th March 2018
LATEST
Bank of England to consider adopting cryptocurrency
“Fran Boait, executive director of Positive Money, said policymakers had been slow to realise how much enthusiasm there was for digital money.”
The Guardian, 21 January 2020
Bank of England eyes the Bitcoin market: Group of six central banks consider digital currency launch amid claim it could boost the economy
“A report from Ben Dyson and Graham Hodgson of non-profit group Positive Money in 2016 also said they would enlarge the number of monetary tools that banks or politicians could use to stimulate growth in the economy. ”
This is Money, 21 January 2020
Central banks feel the climate change heat
“The Bank needs to be “an essential actor” and should push markets to focus on the goal set out in the 2016 Paris Agreement of keeping global warming well below 2C, according to David Clarke, head of policy at Positive Money, a pressure group seeking reform in finance.”
The Telegraph, 12 January 2020
Barclays investor group demands an end to bank’s fossil fuel financing
“Today’s shareholder action has been welcomed by financial campaign group Positive Money, which also called on central banks around the world to play their part.”
NS Energy, 8 January 2020
‘Legitimacy crisis’: Bank of England needs new policies and more transparency, says report
“The Bank of England needs major reform to maintain the public’s trust, including the creation of a credit policy and a new approach to choosing the next governor, research and campaign group Positive Money has said.”
City AM, 22 October 2019
BoE reform needed to boost firepower for downturns, think tank says
“Positive Money, a think tank whose work has been endorsed by the opposition Labour Party and others in recent years, said closer coordination was needed between the BoE and the government, with the efficacy of quantitative-easing in doubt.”
Reuters, 21 October 2019
BOE Needs New Relationship With Treasury, Campaign Group Says
“There needs to be greater coordination between the Bank of England and the U.K. Treasury to ensure an effective response to the next economic downturn, according the campaign group Positive Money.”
Bloomberg, 21 October 2019
Helena Morrissey in the running for Bank of England job
“The news comes after a group of 28 MPs across several political parties called on Sajid Javid, the chancellor of the exchequer, to make public the shortlist of candidates to replace Carney, who is due to step down from his role at the end of January.
The letter to Javid, which was co-ordinated by financial reform campaign group Positive Money, argued the next governor should be appointed “on merit” and “not narrow political expediency”.”
Financial News, 23 September 2019
The big banks aren’t using their power in a way that benefits the rest of us
Positive Money head of policy David Clarke talked to PayPod about how our money and banking systems are connected to biggest challenges facing the world today.
PayPod, 11 September 2019
Mark Carney’s successor at Bank ‘must be politically sensitive’
“Their move came as a survey commissioned by Positive Money, a think-tank, found widespread scepticism of the system. Only 19 per cent of respondents said that they trusted Mr Javid to appoint the right person, according to the YouGov poll.”
The Times, 10 September 2019
Next Bank of England governor: Who are the potential candidates?
“Yesterday, a group of 28 cross-party MPs signed a letter co-ordinated by campaign group Positive Money urging the Treasury to publicly reveal the names of those shortlisted for the new governor.”
NS Banking, 10 September 2019
Publish Bank of England Governor Shortlist, Lawmakers Tell Javid
“A YouGov poll conducted by campaign group Positive Money, which coordinated the letter, found fewer than one in five respondents trust Javid to appoint the right person for role.”
Bloomberg, 9 September 2019
Opposition MPs call on chancellor Sajid Javid to publish BoE governor shortlist
“The letter to Javid from MPs comes after polling YouGov polling found that only 19 per cent trust Javid to appoint the “right person”. The poll was by YouGov and commissioned by finance campaign group Positive Money.”
City AM, 9 September 2019
MPs demand Bank governor shortlist made public amid cronyism fears
“Polling by the campaign group Positive Money, which coordinated the letter, showed 30% of voters said they did not trust Javid to choose the “right person” for the job.”
Yahoo Finance, 9 September 2019
Next BOE Governor Must Be Politically Sensitive, Barker Says
“The campaign group Positive Money, which coordinated the lawmakers, also cited concerns that that the current government might “bypass the selection process” and “install a political ally who did not otherwise make the shortlist.””
Bloomberg, 9 September 2019
MPs call for public Bank of England governor shortlist
“The letter was co-ordinated by Positive Money, the non-profit group that simultaneously released results from a YouGov poll it had commissioned suggesting that most people are mistrustful of the current process for picking the head of the central bank.”
Financial News, 9 September 2019
We need a Green Bank of England
“We should empower our central bank to go further in steering capital flows towards the low-carbon economy, argues Positive Money’s executive director Fran Boait”
BusinessGreen, 19 August 2019
Central banks need to fight climate change!
“In this article, Positive Money — a UK non-profit that favors bank reforms to address social, economic and environmental challenges — responds to arguments by three News-Decoder correspondents that central banks are not the proper institutions to drive policy combating climate change.”
News-Decoder, 8 August 2019
BoE warns of Brexit turmoil in markets as it faces green protests
“”With the intergovernmental panel on climate change warning we now only have 11 years to avert climate catastrophe, it is now imperative that the government and the Bank of England work together to significantly accelerate the transition from a high-carbon economy towards a green economy,” said Rachel Oliver, one of the protesters and head of campaigning at Positive Money.”
Financial News, 11 July 2019
Climate emergency protests ahead of Bank of England financial stability report
“Today’s protests are organised by Positive Money and Fossil Free London, who argue that the climate emergency is a massive threat to financial stability.”
The Guardian, 11 July 2019
Bank of England says financial system is ready for no-deal Brexit
“Fran Boait of campaign group Positive Money had this response to the Bank’s Financial Stability Report:
“While it is great that the Bank’s Financial Policy Committee has embraced the climate stress testing recommended by the recent Future of Finance review, the Bank of England still seems to be taking a ‘wait and see’ approach to irreversible climate breakdown.”
The Telegraph, 11 July 2019
UK government launches Green Finance Strategy to boost climate change efforts
“Fran Boait, executive director of campaign group Positive Money, said: “With a small window of time to decarbonise the economy, there is a need to rapidly shift lending and investment out of risky fossil fuels.”
NS Banking, 2 July 2019
Why we must stop Facebook’s attempt to hijack our money, before it’s too late
“An impetus behind the early proliferation of digital currencies was people seeking an alternative to banking systems facing a global crisis of public trust. A poll commissioned by Positive Money found that 66% of people say they don’t trust banks to serve the best interests of UK society. But if Libra were to take off, it would amount to handing control from one bastion of corporate power for another.”
openDemocracy, 21 June 2019
Unruly social media no model for Facebook’s Libra currency – Carney
“Positive Money, a campaign group set up after the crisis, welcomed the prospect of a wider range of financial services providers but said the BoE should go further and create its own digital currency for the public – something the BoE has not deemed appropriate so far.”
Reuters, 20 June 2019
Facebook’s Libra May Spark a Currency War
“Groups like the U.K.-based Positive Money, which is advocating for “Britcoin” to be held by individuals directly with the Bank of England, see it as the ultimate antidote to “extractive middlemen like banks and now tech companies.””
Bloomberg, 20 June 2019
Facebook unveils global digital coin called Libra
“Positive Money, a consumer campaign group, attacked the proposal. “Our money is increasingly in the hands of a small number of banks and payment companies, and we should avoid ceding further control to unaccountable corporate interests. Facebook’s plans pose alarming implications for privacy and power in the economy,” said David Clarke, the head of policy at the group.”
Financial Times, 18 June 2019
31% of Help to Buy users didn’t need it, says watchdog
“Campaigner Positive Money calls the scheme a “subsidy for a housing bubble” that benefited developers and existing home owners.”
Sky News, 13 June 2019
Why the Bank of England should target climate risks
“In this guest post, authored by Fran Boait, David Clarke and Simon Youel, Positive Money responds to a critique of its call for new central bank measures to tackle the risks of climate change, published on Alphaville last week.”
Financial Times, 10 June 2019
FCA announces overhaul of ‘dysfunctional’ UK overdrafts market
“Positive Money’s executive director Fran Boait said: “In an economy kept afloat by consumers taking on record levels of debt, banks have profited from households struggling to make ends meet with extortionate overdraft fees.”
NS Banking, 7 June 2019
Next Bank of England governor must serve the whole of society
“94 academics and representatives of civil society organisations call for Mark Carney’s successor to be someone who will foster a pluralistic policymaking culture”
The Guardian, 5 June 2019
British banks are propped up by the public purse, so they should be made to serve the public interest
“As long as banks continue to occupy a privileged position as the primary creators of money in the UK economy, backed up by hefty taxpayer guarantees when they mess up, the public is in a much stronger bargaining position than policymakers currently seem to realise”
Independent, 21 May 2019
Banks should have legal duty to act in customers’ best interests, say MPs
“David Clarke, head of policy at Positive Money, said banks enjoy billions in public subsidies but have “repaid the favour by neglecting communities, closing branches and cutting our free cash-machine network”.”
Independent, 13 May 2019
Big banks closing branches shouldn’t force customers to use Post Office, warns Treasury Committee
“David Clarke, head of policy at Positive Money, echoes the criticism: “A decade after they were bailed out by the taxpayer, Britain’s biggest banks are enjoying billions in public subsidies while posting bumper profits.”
Moneywise, 13 May 2019
UK Treasury Committee report raises concerns over financial inclusion for vulnerable consumers
“Meanwhile, David Clarke, head of policy at campaign group Positive Money, said: “Today’s report should be a final warning for the banks taking Britain for a ride.”
Compelo, 13 May 2019
Why your current account is funding environmental destruction
““As regulator of our financial system, the central bank has the power to stamp out risky fossil fuel lending, using the same macroprudential tools it has used to clamp down on irresponsible mortgage lending since the financial crisis,” said Fran Boait, executive director of Positive Money.”
Independent, 4 May 2019
UK government scheme will protect cash availability ‘for years to come’
“David Clarke, head of policy at financial campaign group Positive Money, said: “The threat to cash is real and urgent.”
Compelo, 3 May 2019
Climate change protesters target Bank of England MPC meeting
“Demonstrators from Positive Money and Fossil Free London urged the central bank to make its quantitative easing programme environmentally friendly by stopping asset purchases in high-carbon sectors and favouring bonds that fund green projects.”
City AM, 2 May 2019
Climate change activists target Bank of England and Barclays – business live
“Today’s protests at Bank are organised by two campaign groups – Positive Money and Fossil Free London.”
The Guardian, May 2
Why I will be protesting against Mark Carney on Thursday
“With speculation mounting that more QE will be rolled out in response to a Brexit shock or a coming recession, Positive Money and Fossil Free London will be demonstrating outside the Bank on Thursday as it releases the latest inflation report. They are calling on the Bank to use its power to create money to help, rather than hinder, the green transition – by committing to “green QE”.”
The Guardian, 1 May 2019
Climate change protesters to target Bank of England on Thursday with ‘green QE’ demands
“The protests, organised by campaign groups Positive Money and Fossil Free London, will take place at the Bank on the day it releases its inflation report, and comes after weeks of climate protests in London by Extinction Rebellion.”
City AM, 29 April 2019
Brexit will slow UK economy for rest of 2019, forecaster warns
“The campaign groups Positive Money and Fossil Free London plan to stage protests outside the Bank on Thursday to demand it takes bolder action. They intend to use banners calling on Carney to “put your money where your mouth is” and to “unleash green investment now”.”
The Guardian, 29 April 2019
Without financial regulation, payday loan scandals continue to hit the poorest the hardest
“Fran Boait, executive director at Positive Money, which campaigns for a fairer financial system, thinks things might be better if there were more people who had lived with, or grown up in, tough circumstances working at regulators overseeing the financial system.”
The Independent, 28 April 2019
Labour hints at giving Bank of England green mandate if elected
“Rob Macquarie, an economist at the lobby group Positive Money, said: “Central banks have a crucial role to play in decarbonising the financial system, but continually present their mandates as a restriction against adopting certain climate-friendly policies. We therefore welcome moves from the Labour party.””
The Guardian, 17 April 2019
Pros and cons of digital fiat money
“CBDCs would spur innovation and create competition in payment and current account provision, currently dominated by the big banks. “It would break big banks’ stranglehold over the payment system,” says David Clarke, head of policy and advocacy at Positive Money, a not-for-profit campaigning and research organisation, who predicts CBDCs would allow tech firms and startups to step into the payment space and innovate in a way big banks don’t.”
Racounteur, 14 March 2019
The rise in vacant properties exposes the housing shortage myth
“Ultimately, houses are worth however much banks are willing to lend. Banks, which create new money simply by lending, are essentially unconstrained in the amount of money they can conjure to bid up property prices.”
CityMetric, 14 March 2019
UK’s cash system in danger of collapse, leaving millions struggling to manage finances, report warns
“David Clarke, head of policy at Positive Money, called on the government to go one step further than the review recommends. “Only by establishing a single regulator with a specific duty to safeguard cash access will Britain’s cash crisis be resolved,” he said.”
The Independent, 6 March 2019
Why looming collapse of cash as a means of payment is a Brexit issue
“So you can forget consideration of the report’s suggested solutions; requiring that essential services provided by utilities and councils allow for cash payments, having the banks create a body that would step in if rural communities run short, among other things. Ditto the idea of creating a watchdog to safeguard cash, suggested by pressure group Positive Money.”
The Independent, 6 March 2019
BoE pension fund asked how it’s addressing climate risks
“The Bank of England has been asked by campaign groups Positive Money and ShareAction as to what steps its pension fund is taking to address climate risks.”
Pensions Age, 27 February 2019
New Money: How finance will look in the future
“Important details differ, leading to different proposals such as Sovereign Money (championed for example by Positive Money in the UK and Vollgeld in Switzerland), Full Reserve Banking and Narrow Banking.”
ING Think, 27 February 2019
Brexit puts £44bn worth of business per day at risk, RBS warns
“Following Friday’s results, Fran Boait, executive director at Positive Money, said: “Another dividend payout should cast even further doubt on the government’s plans to sell the public’s majority stake in RBS at a loss.
“It’s beyond clear that an RBS fire sale is not in the public interest. The government must rethink the sell-off and consider how a publicly owned bank can best benefit the whole country.””
The Independent, 15 February 2019
RBS to pay much bigger dividend than expected
“A poll earlier this week suggested there was little popular support for a quick reprivatisation.”
Financial Times, 15 February 2019
As RBS posts double profits, the public is right to oppose a sell off
“It is no surprise then, that new polling released on Thursday by Positive Money shows only a fraction of the British public would support the government’s plan to flog RBS by any means necessary.”
Left Foot Forward, 15 February 2019
RBS: Just one in 10 people support sale of bailed-out bank, predicted to cost taxpayers £28.5bn
“YouGov research commissioned by campaign group Positive Money found that a third of respondents support running RBS as a nationalised bank rather than selling it back to investors.”
The Independent, 14 February 2019
One in 10 support quick sale of government’s RBS stake, poll finds
“A YouGov survey, commissioned by the campaign group Positive Money, found 9% of respondents believe the UK government should sell its stake in the near future in order to recoup what money it can, even if it means doing so at a loss to the public purse.”
The Guardian, 14 February 2019
“Cash is not going down without a fight”
David Clarke, Head of Policy at Positive Money, explains how lobbying from banks and card companies is losing us our access to cash
BBC News, 12 February 2019
Cashpoint closure crisis: Millions of OAPs ‘could struggle to pay for essentials’
“This trend is set to continue unless the recent cuts to the amount banks pay to maintain the ATM network are reversed.”
“We welcome calls for a regulator so the evolution of payments can serve consumers rather than the interests of banks and card companies.”
Daily Express, 12 February 2019
Global recession is on the horizon – this is how world leaders need to respond
“A ‘Green New Deal’ could help ensure the recovery is more sustainable than the aftermath of the 2008 crash while also tackling the urgent social and environmental crises facing our planet”
The Independent, 25 January 2019
ECB Appointee’s Smooth Approval Contrasts With Woes in East Euro
““This trend is revealing, for those who had forgotten, how much central banking is in fact a political thing,” said Stanislas Jourdan, the director of Positive Money Europe, an advocacy group calling for more transparency and accountability in economic policy. “Especially at times when the theoretical monetary-policy framework is being questioned so much both by populists and by academics themselves.””
Bloomberg, 6 December 2018
Moving Beyond Britain’s Bubble Economy
“There are more sustainable strategies which could have used ‘QE for people’ to restore the strength of the real economy.”
Manchester Gazette, 29 November 2018
Cow-Horn Vote Parades Switzerland’s Populist Safety Valve
““They’re a platform for more radical ideas and they do help to increase awareness,’’ said Fran Boait, executive director of Positive Money, which wants to bring the sovereign money system rejected by the Swiss to the U.K. Engagement by the Swiss government and the central bank also makes it “a credible conversation,’’ she said.”
Bloomberg, 22 November 2018
Cœuré addresses criticism over ECB’s green finance efforts
“Stan Jourdan, head of Positive Money Europe, a campaign group that has called for the ECB to do more to promote green finance, said: “Having ECB board members openly discussing this issue shows the debate has reached an unprecedented level of importance in the EU. We strongly appreciate his recognition of the role the ECB can and should play in accelerating a green transformation of the financial sector.”
Financial Times, 8 November 2018
Wonga compensation claimants may lose out due to automation plan
“David Clarke, head of policy at Positive Money, a financial campaign group, warned that a computer-based system could put customers at a disadvantage.”
The Guardian, 4 November 2018
Debt disaster: How the Budget will stuff more money into the pockets of the financial sector
“Just as the Bank of England has created £445bn to buy bonds and other financial assets from private holders through QE, we could have a form of ‘QE for People’, where the Bank creates money to buy bonds directly off the government, thus allowing increased public spending without increased flows of interest payments to private rentiers.”
Left Foot Forward, 2 November 2018
Remember the cost of the RBS sell-off
“Despite the rise in profits reported by RBS this morning, campaigners Positive Money feel that the UK government should keep the bank under public ownership.”
BBC News, 26 October 2018
Banks will not be forced to reveal climate change risks they face
“Rob Macquarie, an economist specialising in green central banking at the campaign group Positive Money, said the guidelines were a step in the right direction, although he warned they “don’t really measure up to the scale of the challenge”.
“The regulator should be going further in laying the ground for mandatory disclosure of climate-related risk,” he said.”
The Guardian, 15 October 2018
Britain’s recovering RBS delivers first dividend in a decade
“Positive Money on Friday delivered a “birthday card” to a London branch criticizing RBS for what the campaign group said was its failure to reform in the ten years since the crash.”
Reuters, 12 October 2018
RBS pays its first dividend since £45.5bn bailout 10 years ago
“As RBS resumed its dividend, the Positive Money campaign group delivered a birthday card to RBS, admonishing the bank for its “failure to change” in the decade since its bailout.”
The Guardian, 12 October 2018
Ten years after its near-collapse, RBS is still a toxic brand
“This week the bank’s chairman suggested a name change. What it really needs to do is regain the trust of the British public”
The Guardian, 11 October 2018
This Radical Bank Will Free People Of Debt By Literally Blowing It Up
“Because the majority of lending goes toward property or financial markets, this drives up property prices and makes a crash more likely, explains Fran Boait, executive director of campaigning group Positive Money.”
Huffington Post, 10 October 2018
The rise of cashless Britain: the poor suffer as banks and ATMs are closed
“Inaction by the regulator has left the UK payments industry at the mercy of US monopolies, according to David Clarke, head of policy of campaign group Positive Money. He, along with the chief executives of prominent charities and unions, is lobbying for the PSR to be given a statutory duty to ensure access to cash, and a level playing field between rival ATM schemes.”
The Observer, 1 October 2018
3,000 bank branches closed in four years
“David Clarke, head of policy at campaign group Positive Money, said: “News that cash machines are disappearing at a record rate, including many in isolated areas, is deeply concerning.”
Express, 21 September 2018
Great Recession 10 years on: How campaigners are pushing for banking reform
“Rachel Oliver, head of campaigns at non-profit monetary reform lobbyist Positive Money, one of the main organisations behind the campaign, wants to see the “too big to fail” mantra come to an end.”
Compelo, 18 September 2018
Bankers Bash BH
“10 years after the collapse of Lehman Brothers BH goes to a reunion of the banks former workers and speaks to the shadow chancellor John McDonnell. Presented by Paddy O’Connell.”
BBC Radio 4, 16 September 2018
Economists warn of new financial crisis on anniversary of 2008 crash
“They predicted the global financial meltdown a decade ago, now economists are warning another crash is on the way – putting the world’s economies at risk. Back then it was triggered by the collapse of the Lehman Brothers bank, which happened ten years ago today. Now it’s a mix of global debt, rising interest rates and the uncertainty surrounding Brexit which, say experts, are sowing the seeds of the crisis to come.”
Channel 4 News, 15 September 2018
John McDonnell Claims UK Economy Is Unprepared For Fourth Industrial Revolution
“The event was organised by pressure group Change Finance and Positive Money, and among the speakers were Zita Holbourne, of civil rights group Barac UK, and Green MEP Molly Scott Cato.”
Huffington Post, 15 September 2018
FOURTH INDUSTRIAL REVOLUTION: John McDonnell says UK ‘not ready’ and needs MORE ROBOTS
“He was speaking at a protest outside the Royal Exchange building in London, organised by pressure group Change Finance and Positive Money.”
Express.co.uk, 15 September 2018
The UK economy is still in need of urgent reform 10 years after the financial crisis
“We need a safe, secure, and fair payments system, along with a credit system that allows citizens and business access to credit – but we are far from close to that”
The Independent, 15 September 2018
We’ve given the banks almost total control over our day-to-day payments. What if they fail? #10YearsOn
“The ability to make and receive payments is fundamental to our lives. We can’t and shouldn’t return to a purely cash-based economy, but we can put our money back in public hands.”
Left Foot Forward, 14 September 2018
These 5 Rebel Movements Want To Change How Money Works
“Positive Money, a research and campaigning organization in Britain, calls for the power to create money to be granted exclusively to a democratic, accountable and transparent public body, creating a “sovereign money” system in which we might all have our own accounts at the central bank.”
Huffington Post, 14 September 2018
Impact of the financial crash on UK households: Average home lost £23,000, says campaign
“Conducted by non-profit monetary reform campaigner Positive Money, it claims that the spare cash average of £494 per week is £81 lower than it would have been if income growth had gone up by 2.58% a year – as it had in the decade before 2008.”
Compelo, 14 September 2018
Ten Years Since Lehman Brothers Collapsed, It’s The Public Who Have Suffered A Decade Of Misery
“On the optimistic side, the 10-year anniversary of the Lehman’s collapse has motivated a number of groups such as the Robin Hood Tax campaign, Positive Money and Unite the Union to renew work to show how finance can be changed for the better under the banner of the 10 Years On campaign.”
Huffington Post, 14 September 2018
Banking crisis ten years on: They got bailed out and we got sold out
“10 Years On, a social justice collaboration involving Positive Money, Unite the Union, the Robin Hood Tax campaign, Stamp Out Poverty, Christian Aid, War on Want, Jubilee Debt campaign and others, are calling for an increased stamp duty on shares – and an end to “too big to fail” banking.”
The Mirror, 13 September 2018
Fears grow over access to cash as 250 free ATMs disappear per month
“She is supported by David Clarke, head of policy at campaign group Positive Money, who believes closures “risk leaving whole communities without access to cash, harming the over two million people who are wholly reliant on cash for their day-to-day shopping”.”
ITV News, 12 September 2018
Free-to-use cashpoints closing at record rate, leaving communities without access to money
“David Clarke, head of policy at Positive Money, said the rate of closures was “deeply concerning”.
“These closures risk leaving whole communities without access to cash, harming the over two million people who are wholly reliant on cash for their day-to-day shopping.
“Banks have pressured Link to reduce the fees they pay towards the cash network, and the result has been to make hundreds of machines unprofitable.
“The PSR must urgently step in to prevent any further cuts to the interchange fee, and ensure that a widespread network of free machines is preserved.””
The Independent, 12 September 2018
Free-to-use ATMs are vanishing at an “alarming” rate of more than 250 a month
“David Clarke, head of policy at campaign group Positive Money, said closures “risk leaving whole communities without access to cash, harming the over two million people who are wholly reliant on cash for their day-to-day shopping”.”
The Mirror, 12 September 2018
Ten years after the crash, the financial sector is still out of control
“Fran Boait argues that we need to make banking and finance serve the people – rather than the other way around.”
Red Pepper, 6 September 2018
Wonga is dead but exploitative lending will only end when we solve the cost of living crisis
“The FCA’s action against Wonga shows the impact regulation can have on curbing exploitative practices. But the systemic nature of the wider issue means more transformative options need to be considered, such as using QE to wipe off problem debt, and ending austerity so as to create sustainable demand without an unnecessary and damaging debt overhead. By shying away from using their powers to create money, policymakers are simply leaving a gap to be filled by parasitical and crooked schemes like Wonga.”
Left Foot Forward, 31 August 2018
Ten years after the financial crash, the timid left should be full of regrets
“Placards are being prepared. Photo-opportunities are being organised. A list of demands is being drawn up by a coalition of pressure groups, unions and NGOs. Yes, preparations are well under way for protests to mark next month’s 10th anniversary of the collapse of Lehman Brothers – the pivotal moment in the global financial crisis.”
The Guardian, 30 August
Two-thirds of Brits still don’t trust banks
“The YouGov poll on behalf of campaign group Positive Money found 66% of adults in Britain do not have faith in banks to work in the best interest of society, while 72% believe banks should have faced more severe penalties for their role in the 2008 crash, which led to a decade of austerity.”
The Week, 17 August 2018
British public don’t trust banks 10 years after crisis, survey finds
“The poll of 2,250 adults by YouGov on behalf of campaign group Positive Money underlines the extent to which banks still have to work to rebuild public trust, despite years of restructuring and paying fines and compensation for misbehaviour.”
Reuters, 16 August 2018
Banks still untrustworthy, say Brits
“According to a new survey, a majority of Brits don’t trust banks, nor think they’ve faced severe enough penalties for the 2008 financial crisis.”
BBC News, 16 August 2018
Ten years after the crash, civil society has come a long way. But much more remains to be done
“But looking under the bonnet of the headline figures about our stagnating economy, rising food bank use and record high stock prices, there is some good news. We are building an army of voices who didn’t exist ten years ago. The public know that things are not fixed. Today we at Positive Money have released a poll showing 66% don’t think banks work in their interests, and 63% are worried about another crash. The conversation is changing.”
openDemocracy, 16 August 2018
Raising interest rates is the wrong answer to UK households in deficit
“Back in September 2017 Positive Money economist Ed Smythe used provisional ONS data to estimate that households would spend a record £12bn more than their income that year.”
Left Foot Forward, 1 August 2018
Credit card lending continues to rise as Bank of England gears up for interest rate hike
“Fran Boait, executive director of Positive Money, said the latest figures should give pause to central bank policymakers pushing for a rate hike.
“With consumer credit growth remaining high, the Bank of England should think carefully about the risks of raising interest rates on Thursday,” she said.
“After a decade of stagnant wages, UK household debt is now worse than any time on record, with households having turned to borrowing in order to spend £25bn more than their income to make ends meet.
“Unaccompanied by a boost to incomes, a rise in borrowing costs would further burden indebted households and threaten the UK economy’s fragile recovery.””
The Independent, 31 July 2018
Hundreds of cash machines close as UK turns to contactless payments
“But others remain suspicious about the banks’ motives, with an agenda to force consumers away from cash. David Clarke, the head of policy and advocacy at the not-for-profit financial campaign group Positive Money, said: “More than two million people rely almost exclusively on cash every day. There is still massive demand for cash, with 77% of people seeing free access to cash as essential for [their] lives. It is only a minority of people who are going completely cashless.”
The Guardian, 29 June 2018
Cash machines disappearing at rate of 300 per month, research finds
“David Clarke, head of policy and advocacy at Positive Money, said cash machines were important for millions of people.
“Though they may not be profitable for Link’s member banks, who’ve demanded this fee cut, ATMs are a key amenity for the 2.2 million people in the UK who rely on cash to go about their everyday lives,” he said.”
The Independent, 29 June 2018
How Labour can be truly radical when it comes to the Bank of England
“There is considerable scope to expand the role of regulatory policy beyond a narrow view of financial risk, as Positive Money argued in our recent paper ‘A Green Bank of England’.”
Left Foot Forward, 21 June 2018
Labour to set Bank of England productivity target under radical proposals
“Fran Boait, executive director of Positive Money welcomed the report but said the BoE should go further to boost the economy.”
The Independent, 20 June 2018
Swiss voters rejected a radical move to change the way money is created
“The initiative was part of the International Movement for Monetary Reform which was created by UK lobbying organisation Positive Money in 2013.
After the vote, Fran Boait, executive director of Positive Money said: “Though the Swiss rejected this particular Sovereign Money proposal in today’s referendum, the debate has sparked a much needed debate on the fundamentals of money, and who should have the power to create and distribute it.””
Business Insider, 11 June 2018
Swiss voters reject ‘sovereign money’ initiative
““The fact that around a quarter of voters supported the Vollgeld initiative shows there is a real appetite for radical reform of a money and banking system which does not seem to be working for most people,” said Fran Boait, executive director of Positive Money, a London-based reseach and financial reform campaign group.”
Financial Times, 10 June 2018
Swiss Reject Plan That Would Have Revolutionized Banking
“The U.K.’s Positive Money group said the failed plebiscite constituted “the beginning of a global conversation about whether control of money creation should be in private or public hands.””
Bloomberg, 10 June 2018
Swiss voters overwhelmingly reject ‘real money’ plan
“UK group Positive Money called for a “global conversation” about the control of money creation.
Its executive director Fran Boait, said: “The fact that around a quarter of voters supported the vollgeld initiative shows there is a real appetite for radical reform of a money and banking system which does not seem to be working for most people.”
City AM, 10 June 2018
Could the Swiss Vollgeld referendum offer an opportunity to truly take back control?
“How exactly we should take back control of the power to create money – whether we should opt for a full Sovereign Money system or pursue a number of more incremental reforms – is still up for debate. Encouragingly, there is also growing movement around Positive Money in the UK calling for money creation to work in the public interest, comprised of experts and activists drawn to this issue from a varied range of perspectives.”
The Independent, 9 June 2018
Switzerland Is Voting On Who Should Be Allowed To Create Money
““Private banks have shown that they cannot be trusted with the privilege of money creation,” said Fran Boait, the executive director of Positive Money, a U.K. organization that supports Vollgeld, “as their irresponsible lending has resulted in financial crises as well as a failure to invest in the real economy.””
Huffington Post, 8 June 2018
RBS falls as the City takes stock of Treasury sell-off
“Fran Boait, executive director of Positive Money said: “The sell off of RBS is a colossal wasted opportunity. As well as losing the taxpayer billions of pounds, the government is also losing the ability to reshape Britain’s banking system.
“Instead of selling off its majority stake, the government should use its position to break up RBS into smaller, regional banks, with alternative business models that emphasise lending to SMEs and productive industry.
“Such innovation is needed to direct lending to the real economy, which has been been starved of investment in recent years.””
Evening Standard, 5 June 2018
UK government clears Comcast and Fox takeover bids for Sky – live updates
“Positive Money, a group which campaigns for a fairer banking system, argues that RBS should be broken up.”
The Guardian, 5 June 2018
Bank of England ‘should go green’
“Research group Positive Money argues the Bank’s programme of quantative easing (QE) – effectively printing billions of pounds to buy up debt and lower interest rates – has disproportionately helped carbon-intensive companies that are polluting the planet.”
The Week, 16 May 2018
UK must secure billions in investment to meet climate targets, MPs warn
“Alongside the EAC report, researchers and NGOs have called for a “greening” of the Bank of England, to meet carbon targets and encourage clean growth. Positive Money, a thinktank, called for the monetary policy committee, which sets interest rates, to have to take the risks of climate change into account in making its decisions, a controversial recommendation that would require wide reviews of how climate change could make an impact on inflation.”
The Guardian, 16 May 2018
Time to bail out the climate, say campaigners
“The Bank of England’s approach to climate change runs the risk of leaving action until it is too late, a report by campaign group Positive Money has concluded.”
The Ecologist, 16 May 2018
Bank of England urged to focus on green objectives
“Climate change should be placed “front and centre” of the Bank of England’s mandate so that the central bank can boost green investment, according to a new report that has won broad backing from the chair of the UK’s climate watchdog.”
Financial Times, 15 May 2018
Bank of England must do more to tackle climate change, says report
“The Bank of England must do more to combat climate change, including overt monetary financing of investment in a low-carbon economy, according to a new report.
The BoE must also offload fossil fuel assets and use its existing powers more effectively to promote green projects, the campaign and research group Positive Money says.”
The Independent, 15 May 2018
‘Incoherent’: Report calls for green overhaul of Bank of England finance policy
“NGO Positive Money argues central bank needs new mandate to drive shift away from high carbon investments – or the UK risks missing its climate targets”
BusinessGreen, 15 May 2018
The Bank of England could soon be preparing for climate change
“Green campaigners are launching a new report in Parliament today advising the Bank of England on how to become a leading enterprise in a low-carbon economy.
The document, put together by Positive Money’s researcher Rob Macquarie, argues that it is part of the responsibilities of the central bank to safeguard the national economy and the stability of the financial system. And while that aim was set following the 2008 financial crisis, the new challenges to the financial sector lie in areas slightly removed from the City’s usual worries.”
Left Foot Forward, 15th May 2018
Bank of England should have ‘green’ mandate – report
“The Bank of England should have a mandate and specific tools to actively promote the transition to a low-carbon economy, a report published by activist group Positive Money has proposed.”
Central Banking, 15 May 2018
Reforming the mandate for a green Bank of England
“The total value of green bonds worldwide may be valued at $900 billion but with banks in the UK alone still making billions of pounds of loans to fossil fuel companies each year ROB MACQUARIE argues it’s time for the Bank of England to take an active role in decarbonisation”
The Ecologist, 15 May 2018
Bank sues taxman to get £239m bonus back: Credit Suisse says payment to chancellor in 2010 amounted to illegal state aid
“Fran Boait, from Positive Money, which challenges excess in the banking sector, said: ‘Even Credit Suisse’s own shareholders have voiced concerns that the bank’s executive pay is excessive.
‘But instead of turning over a new leaf, the bank is more interested in pursuing this shameless legal action against ordinary taxpayers over a levy from eight years ago.’”
The Daily Mail, 6 May 2018
RBS: Bank branch closures will leave millions out on a limb
“When banks shut local branches they are supposed to offer alternative services, but David Clarke, head of policy and advocacy at campaign group Positive Money, said RBS has a poor track record: “Of the 51 closures the bank announced in 2016, it did not even plan to leave behind an ATM at 41 of them.””
Express.co.uk, 6 May 2018
The Bank of England’s monetary policy has made inequality worse – this is how to solve it
“What is needed is a rethinking of monetary policy, where the central bank’s power to create money is used in a way which is more sustainable, and benefits the many, rather than just the few. If the Bank of England moves to respond to the next downturn with another dose of QE for financial markets, progressives need to be ready to call for “QE for People” instead.”
The Independent, 10 April 2018
Ex-Lloyds chief Eric Daniels wins back £1.4m bonus for doomed deal with toxic rival HBOS
“Fran Boait of banking reform group Positive Money said: ‘A decade on from the financial crisis, ordinary people are still paying the price for banks’ reckless behaviour.
But instead of being held to account for their disastrous decisions, bosses like Eric Daniels have been rewarded with eye-watering salaries and bonuses.’”
Daily Mail, 28 March 2018
The move from cash to electronic payments should be on our terms not the big banks’
“Our copper coins are safe for now, but there are still powerful forces including Visa, Mastercard, and the big banks, which threaten the future of cash”
The Independent, 27 March 2018
Cash Isn’t Going Down Without a Fight in Digital U.K.
“With about 5 percent of the adult population of Britain still reliant on notes and coins for almost all their day-to-day payments, campaign group Positive Money is calling on the government to enshrine consumers right to pay with cash and protect ATMs from closure.”
Bloomberg, 20 March 2018
Free-to-use cash machines `essential for majority´
“Some 77% of people say it is either fairly or very essential for them to be able to access a cash machine free of charge, a survey of more than 2,000 people across Britain from campaign group Positive Money found.”
Daily Mail, 20 March 2018
UK’s PSR needs powers to protect cash – report
“A UK-based financial think-tank believes the country’s Payment System Regulator (PSR) should be given an explicit mandate to protect access to cash.
In the report, The future of cash: protecting access to payments in the digital age, David Clarke of Positive Money argues the recent decision to raise the interchange fee for cash machines will leave a proportion of the population financially excluded when it comes to payments.”
Central Banking, 20 March 2018
Why Jeremy Corbyn needs a think tank
“In one niche field, monetary reform, one such tank has emerged: Positive Money. It was set up by a bunch of thinkers and activists (many of them from the Occupy movement) who were enraged by the rot exposed by the crisis. It is headed up by Fran Boait, who explains: “we built a movement around us; we have 45,000 people on our database and 70,000 on social media… In the UK we have 35 local groups around the country and they meet, some… do reading groups.” At times, half the outfit’s total funding has come directly from this supporter base. It makes detailed proposals on banking and Quantitative Easing, which are disdained by orthodox voices, but have sparked debate among some serious economists.”
Prospect, 19 March 2018
VEGANCOIN: VEGANS NOW HAVE THEIR OWN ‘CRUELTY-FREE’ CRYPTOCURRENCY
“VeganCoin looks like one of the many gimmick ‘currencies’ riding off of the buzz around Bitcoin,” Fran Boait, the executive director of U.K.-based research organization Positive Money, told Newsweek.”
Newsweek, 28 February 2018
RBS shares fall despite profit news
“There is a real risk that the privatisation of RBS will result in another colossal rip-off to the taxpayer,” Fran Boait, executive director of charity Positive Money said.
“The government now has a choice. It can either go ahead with plans to sell off most of our shares in RBS over the next year, at an estimated loss of £26.2bn, or it could hold onto the 71% stake and use the profits to fund vital services.”
BBC News, 23 February 2018
Virgin Money joins ban on buying Bitcoin on credit cards
“Fran Boait, from campaign group Positive Money, backs Lloyds’ move”
BBC News, 5 February 2018
The UK’s misguided obsession with GDP is driving us all into debt
“When banks offer loans, money is created as an IOU, something many MPs aren’t aware of. As a result the UK economy is based on ever growing levels of debt”
The Independent, 21 January 2018
Unless We Kick Our Addiction to Growth, We’re Heading Towards A Debt-Fuelled Dystopia
“A new report from Positive Money, published on Thursday, proposes two remedies for this last source of growth dependency, both of which involve reforms of the money and banking system upon which the rest of the economy rests.”
Huffington Post, 19 January 2018
Shake off dependence on economic growth, report says
“Politicians should stop using economic growth as a ‘blunt’ measure of success and instead focus on tackling inequality, poverty and the environment, according to a new report.
Called Escaping Growth Dependency, the report will be launched at the House of Commons later today by the Positive Money campaign group.”
New Start, 18 January 2018
Bitcoin: Bubble or Brave New World?
“On Newshour Extra this week, Owen Bennett Jones and his guest discuss whether Bitcoin and blockchain are leading us to a brave new world or towards another financial crash.”
BBC World Service, 9 December 2017
Debt-based economy is real cause of our fixation on GDP
“The economists at Positive Money among others have been working hard to raise awareness of how our money is created, the consequences of its creation by private banks and what the alternatives are.”
The Guardian, 6 December 2017
Could we cut poverty, lower stress levels AND make housing affordable by changing how money is created? We meet the people who think so…
“Few of us give how money is created a second thought. We happily – or unhappily – earn it, owe it, trade with it, and dream of more of it.
But at the annual retreat of Positive Money, a not-for-profit organisation, attendees take a step back and question how it is made and whether or not this is working.”
This is Money, 27 November 2017
Change The Record This Budget Day
“From the waves of protest around the world sparked by the economic crisis, to the recent Paradise Papers that helped pulled back the veil of secrecy from tax havens and financial trickery, the reality behind the ‘growth at all costs’ narrative is being exposed. And people are finding alternatives. Positive Money are working with some of the leading economists, academics, and policy-makers to bring about a fairer money and banking system.”
Huffington Post, 22nd November 2017
UK jobs market ‘loses momentum’ as real wage squeeze continues – as it happened
“Positive Money’s director Fran Boait hopes that Philip Hammond can help next week – especially as the Bank of England has raised the cost of borrowing”
The Guardian, 15th November 2017
The magic money tree does exist, according to modern monetary theory
“Remarkably, the elemental question – where does money come from? – does not have a settled answer amongst economists, experts and policy makers. Organisations such as Positive Money have already embarked on the process of demystifying money creation.”
The Independent, 5th November 2017
Protesters gather outside Bank of England with rates set to rise for first time in a decade
“The group — from an organization called Positive Money — is campaigning for a banking system that “supports a fair, sustainable and democratic economy.” It is arguing that higher interest rates will strangle the U.K. economy.”
MarketWatch, 2nd November 2017
INTEREST RATE RISE won’t hurt homeowners, but could DAMAGE UK ECONOMY
“Consumer campaign group Positive Money were staging a day of action on falling wages in Threadneedle Street today.
Organisers are calling on policymakers to prioritise measures that will boost incomes rather than a “damaging” rise in interest rates that will hurt millions of struggling households.”
Express, 2nd November 2017
Protests outside the Bank of England
“A group of demonstrators have gathered outside the Bank of England.
They’re from Positive Money, a group pushing for ‘QE for People’ — the idea that Britain creates new money to spend on green infrastructure, education or other social benefits.”
The Guardian, 2nd November 2017
Five in Six British MPs Don’t Know How Money Is Created
“Most consumers don’t hold politicians and elected officials in high regard these days. Ever since the financial crisis which began in 2008, the level of trust between civilians and their leaders couldn’t be lower. Regaining that trust will be rather difficult, if not entirely impossible. That’s especially true when surveys such as the one conducted by Positive Money placed political leaders in an even more negative spotlight.”
The Merkle, 31st October 2017
How the actual magic money tree works
“Shock data shows that most MPs do not know how money is created. Responding to a survey commissioned by Positive Money just before the June election, 85% were unaware that new money was created every time a commercial bank extended a loan, while 70% thought that only the government had the power to create new money.”
The Guardian, 29th October 2017
“Shocking ignorance” from MPs who don’t know where money actually comes from
“Almost two-thirds of the 50 MPs surveyed by Dods for campaign group Positive Money wrongly thought banks can’t create money, while a quarter admitted they didn’t know.”
City AM, 27th October 2017
The Tories should do something bold in their Autumn Budget: QE for the People
“Instead of pumping money into financial markets, Hammond should fund infrastructure and green technology – or give households a direct cash boost.”
Left Foot Forward, 25th October 2017
Pound jumps on rate hike forecasts
“Fran Boait, director of the Positive Money campaign group, argues that interest rate shouldn’t rise until wages have caught up with inflation.”
The Guardian, 25th October 2017
November interest rate rise is likely but risky – analysis
“Rob Macquarie, an economist at the Positive Money campaign group, told Mortgage Solutions that “monetary policymakers are aware that UK growth is the slowest in the G7, and that business confidence is fragile due to Brexit, so any rise is likely to be limited.””
Mortgage Solutions, 17th October 2017
The UK economy is hooked on rising asset prices. What happens when the bubble bursts?
“The risks of a private debt crisis are real enough. But the existential threat is that this will happen together with the bursting of the greatest asset bubble in modern economic history, just at the point when the Bank of England has no room to lower interest-rates. When consumer credit stops flowing and debtors try to pay back the money they owe, and when financial asset prices can no longer defy gravity, UK household spending will plummet. Then maybe, in a weak voice, we will ask one more question: why was no one able to foresee this?”
openDemocracy, 27th September 2017
What will justify an interest rate rise in November?
Raising interest rates at a time when real wages are falling risks unleashing forces the Bank can’t handle, according to Edward Smythe, an economist at the Positive Money campaign group. “There’s a risk to consumers, who are already struggling to keep up, being overwhelmed by the higher debt servicing costs,” he said.
The Guardian, 17th September 2017
The Debt Ceiling And #MintTheCoin: Another Teachable Moment For A Sustainable Money System
“Yellen could implement, or at least propose, QE for the people, providing the citizen’s dividend mentioned above to people rather than the previous rounds of Quantitative Easing that only lined Wall Street’s pockets. She could convene study groups to assess proposals by the group Positive Money, which advocates for government to issue money, instead of private banks.”
Huffington Post, 6th September 2017
We’re addicted to debt and headed for a crash. It could be worse than 2007
“Edward Smythe of the campaign group Positive Money, breaks it down: “If you look at total outstanding consumer loans, in July, they’re at £200bn, an £18.5bn net increase every year.”
The Guardian, 4th September 2017
At Jackson Hole, the death of an economic model may concern central bankers
“The inverse relationship between unemployment and inflation is dead. The proliferation of low-wage, irregular and insecure jobs means that wage pressures – and therefore spending power – are subdued even as unemployment falls” says Positive Money’s Ed Smythe
CNBC, 24th August 2017
Pound falls to new eight-year low against euro; Draghi defends QE – as it happened
“On the agenda for Jackson Hole should be the option of governments using money creation rather than borrowing to boost productive investment.”, says Positive Money economist Ed Smythe
The Guardian, 23rd August 2017
Quantitative easing is like heroin, says former Treasury official
Positive Money campaigners protest in front of the Bank of England in London, calling on the government and the Bank to abandon QE
The Guardian, 21st August 2017
We’re racing towards another private debt crisis – so why did no one see it coming?
A recent survey showed 90 per cent of MPs don’t even understand where money comes from (they think it’s issued by the Royal Mint).
The New Statesman, 18th August 2017
10 years on, what might cause the next financial crisis?
“We’re reliant on high asset prices and continuing to inflate those asset prices, coupled with high levels of consumer borrowing, and that’s a bit of a toxic mix which leads to financial instability,” Fran Boait, executive director of the London-based campaign group Positive Money, told DW.
Deutsche Welle, 11th August 2017