In the media

The government’s ‘Treasury brain’ has got the UK in an economic mess. How can we cure it? | Fran Boait

“The Treasury’s mantra of building a “foundation for the private sector to innovate” is well documented over the past 40 years, but in practice research shows it is the public sector that often takes a vital role in innovating. With the UK economy struggling, and the added impacts of inflation and Brexit, surely the department in charge of setting the country’s economic strategy should consider a new direction?”

The Guardian, 21 August 2023

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Italy’s Meloni defends windfall tax move against banks

“Positive Money, a campaign group, said replicating Meloni’s windfall tax could result in £3.4bn being raised for UK taxpayers from the big four banks – Lloyds, NatWest, Barclays and HSBC’s UK operations – based on profits earned in the first half of 2023 alone. Following in the Czech government’s footsteps by introducing a 60% tax on bank profits exceeding 120% of their average between 2018 and 2021 – could raise nearly £11bn, the group estimated.”

The Guardian, 14 August 2023

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Italy introduces surprise windfall tax on banks’ interest rate profits

“Campaigners in the UK welcomed the decision by Italy’s government. Positive Money, which has called for higher taxes on banks in the UK, said on social media that it was “delighted” and urged ministers to follow suit.”

Sky News, 8 August 2023

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Protesters demand windfall tax on banks as interest rates rise

“Demonstrators from Positive Money, a group campaigning for bank reform, were protesting against what they say is the Bank’s “flawed attempt” to combat inflation – claiming it was making the cost-of-living crisis worse.

“They demanded the Government bring in a windfall tax on bank profits in a similar move to the levy imposed on oil and gas firms following the spike in energy prices.

“Hannah Dewhirst, head of campaigns at Positive Money, said: “We’re outside the Bank of England here today to protest the Bank of England’s relentless hiking of interest rates, which are causing big bank profits to balloon while millions of us suffer from the cost-of-living crisis.

““And to demand the Government introduce a windfall tax on banks’ excessive profits so that we can help those suffering the most from this crisis.””

The Independent, 3 August 2023

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Bank hikes interest rates to 15-year high of 5.25%

“Positive Money, a not-for-profit advocacy group which helped organise the demonstration, said protesters wanted to let the Bank know they’d “had enough of senseless interest rate rises”.

“Hannah Dewhirst, head of campaigns at Positive Money, said: “Rate rises are failing to bring down inflation fuelled by international fossil fuel prices and food prices disrupted by climate change. They will only continue to impoverish households and enrich banks.

““What we need are better tools for dealing with inflation than blunt instruments like interest rates, and a windfall tax on bank profits to redress the harm done to workers and families by rate hikes.””

ITV News, 3 August 2023

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Interest rates RECAP: Bank of England hikes rate to 5.25% – what it means for you

“A protest by campaign group Positive Money is taking place outside the Bank of England. They’re rallying against “relentless” interest rate rises, as well as calling for a windfall tax on the banking sector.

The group are holding signs saying “pay rises, not rate rises” and “#TaxTheBank” while holding foil balloons and wearing masks of Andrew Bailey.”

The Mirror, 3 August 2023

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Live: Bank of England latest as Governor warns further interest rate rises may be needed to hit inflation target

“Protestors on Threadneedle Street were pictured holding balloons which spelt out the almost £30 billion pre-tax profit made between Lloyds, Barclays, NatWest and HSBC last year, buoyed by rising interest rates.

“Fran Boait, the group’s executive director, said: “These aren’t profits made from any great initiative of the bank, but from the suffering of customers; the same customers that bailed them out 15 years ago.””

The Times, 3 August 2023

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Campaigners gather outside Bank of England against the rises in interest rates amid the cost of living crisis

“Campaigners from Positive Money demonstrate outside the Bank of England in London, against the rises in interest rates amid the cost of living crisis.”

Evening Standard, 3 August 2023

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Britain heading for an industrial recession, bosses warn, as interest rates rise

“Campaign group Positive Money argued that the Government should have acted quicker to make banks pass higher rates on to savers, as well as acting to introduce a windfall tax on lenders’ profits.”

The Telegraph, 2 August 2023

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HSBC accused of ‘making hay’ out of high interest rates after profits boom

“Fran Boait, co-executive director of campaign group Positive Money, said: “Make no mistake: the growth in HSBC’s profits is a direct result of the higher interest rates its suffering customers are struggling to pay on their loans.”

She also accused the government of a “staggering lack of leadership” and said it should have acted quicker to make banks pass higher rates on to savers.”

Sky News, 1 August 2023

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UK Could Save £1 Billion by Halting Interest on BOE Reserves

“Pressure groups including Positive Money have said the BOE should cancel the interest payments on its reserves or that the government should impose a windfall tax to capture what it describes as “unearned profits” by the banks. A paper by former BOE Deputy Governor Paul Tucker last year also urged governments to look into ways of reducing interest paid on reserves.”

Bloomberg, 31 July 2023

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Lloyds half-year profit underwhelms amid mounting pressure to help savers

“”Support is growing for a windfall tax on these unearned profits: we’ve heard politicians from the backbenches throw their weight behind the idea, now we need those from within government to do the same,” said Fran Boait, co-executive director of Positive Money, which campaigns for a fair financial system.”

Reuters, 26 July 2023

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‘Vast’ growth in value of England rentals since 1990 would have built 3m council homes

“The windfalls in the capital and south-east England are far greater, according to the analysis commissioned from Positive Money, a not-for-profit advocacy group. Owning a rental property for a decade in those areas would deliver between £100,000 and £131,000 in capital gains, which is taxed at lower rates than income.”

The Guardian, 18 July 2023

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Rishi Sunak’s continued enthusiasm for crypto industry prompts questions from transparency campaigners

“Simon Youel, policy director at Positive Money, said: “Rishi Sunak does appear to have been overly enthusiastic about crypto, despite the industry offering very little other than huge losses for investors.

“It may be that he has just swallowed the cryptobro Kool-aid, but unsurprisingly most advocates of cryptoassets tend to be heavily invested in them. As Prime Minister, Sunak should be transparent about his investments – his unwillingness to disclose raises red flags.””

National World, 15 July 2023

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Paper Money Diehards Refuse to Fold

“Simon Youel at Positive Money, a London nonprofit focusing on financial inclusion, says cash is inherently democratic.

By going card-only, bars and restaurants are trying to pull in what they see as the right kind of customer, usually younger and more affluent, he said. “They’re sending a signal about who’s welcome and who’s not.””

The Wall Street Journal, 23 May 2023

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WRONG! ‘Incompetent’ BoE slammed by economists over ‘longest recession’ prediction

“Fran Boait, co-executive director of Positive Money, says the banks are the only beneficiaries from the latest BoE rate hike.

“They not only siphon off those higher interest payments from consumers, but gain billions from the higher interest payments the BoE pays them for the money they hold with it.”

Daily Express, 13 May 2023

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Bank of England’s 15-year-high interest rates will do ‘more harm than good’

“Positive Money co-executive director Fran Boait said the BoE was “failing to read the room,” adding: “Hundreds of thousands of households failed to meet rent or mortgage repayments last month because of higher interest rates…

“Rate hikes are doing more harm than good; it’s time to put the brakes on and support families in dealing with rising costs, not heap further costs on them.””

Morning Star, 11 May 2023

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Exclusive: minister leading UK’s push to be cryptocurrency haven has shares in crypto-backing investment fund

“Simon Youel, head of policy and advocacy at the Positive Money think tank, said: “The fact that the City Minister has financial interests linked to crypto and has been lobbied so hard by the industry may go some way to explaining the government’s continued enthusiasm for turning the UK into a playground for dodgy crypto ponzi schemes.

“Luckily the government has abandoned its pathetic plans to cash in on the NFT hype – it also needs to abandon the race to attract crypto asset bubbles which offer no value to society before more damage is done.””

National World, 25 April 2023

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How Climate Change-Induced Food Inflation has hit the Poorest Hardest

“According to think tank Positive Money, poor crop yields in Spain – the world’s largest olive producer – has increased olive oil prices by up to 25%. Meanwhile coffee supply shortages in Brazil have pushed the price of coffee up by 70% between April 2020 and December 2021.

“…The recent crisis in what Positive Money terms ‘Climateflation’ has indicated that, far from costly net zero policies imposing costs on consumers, the failure to insulate the country from global supply chain shocks induced by fossil fuel usage will undermine the economy’s resilience – with severe consequences for those on lower incomes.”

Byline Times, 24 April 2023

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UK’s Sinking Home Ownership Levels Are Hitting Ethnic Minorities Hardest

“The proportion of homeowners dropped among Pakistani, Bangladeshi, Black African and Black Caribbean households in England and Wales between 2011 and 2021, according to fresh analysis of census data. In all other households, homeownership has stayed around the same or risen slightly, a report published by not-for-profit Positive Money on Friday found.”

Bloomberg, 21 April 2023

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More than £2bn of government funding for retrofitting homes remains unspent

“Martha Dillon, housing policy lead at the not-for-profit organisation Positive Money, told the Spotlight that the government’s failure to deliver “a serious plan to decarbonise our buildings, stimulate a wealth of new retrofit jobs and skills, and signal new financial strategies to upgrade our homes” demonstrates that Rishi Sunak “still hasn’t picked up [the ball]” on home retrofits that “David Cameron dropped”.”

New Statesman, 6 April 2023

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UK Pushes for ‘Step Change’ in Green Financing to Reach Net Zero

““What is absent from this strategy is a plan to wind down financing of fossil fuels and other environmentally destructive activities,” said Fran Boait, executive director of research and campaign group Positive Money.”

Bloomberg, 30 March 2023

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Right or left? How we solve the cost-of-living crisis

““That narrow view of inflation is politically convenient for the right,” says David Barmes, head of research at the Positive Money think tank. He thinks it’s a post-facto justification for shrinking the state. “They either blame inflation on too much public spending or too much money creation… and their solution is always a combination of tightening fiscal policy and/or tightening monetary policy – not giving into workers demands, essentially.”

Barmes and Meadway are critical of the Bank of England’s decisions to raise interest rates.”

New Statesman, 24 March 2023

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Banks must pass on rate hikes to savers – or risk a windfall tax, warn experts

“In the wake of the results, Positive Money said “a windfall tax on banks is necessary today for the same reason the Thatcher government deemed it necessary in the early 1980s.

“Banks are seeing their incomes soar not from any increased efficiency or better service to customers, but simply as a side-effect of higher interest rates,” he continued.”

City AM, 5 March 2023

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Deutsche Bank chief warns politicians against raiding bank profits

“NGOs like Positive Money have been ramping up calls for a windfall tax on banks, like that imposed on energy giants raking in money from higher energy prices.”

Politico, 28 February 2023

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Lloyds accused of ‘stuffing bankers’ pockets’ as it proposes £9.1m CEO deal

“Fran Boait, co-director of campaign group Positive Money, said: “It is exactly this kind of behaviour that strengthens the call for a windfall tax on the profits banks are making from the public. As Lloyds are showing, without government intervention these windfalls will otherwise be wasted stuffing the pockets of already overpaid bankers who need the money the least.””

The Guardian, 22 February 2023

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Big banks are raking in billions, and we all pay the price – time for a new windfall tax | Fran Boait

“The scale of this transfer from the public to banks is especially difficult to justify at a time when most workers are barely able to cover the essentials, and public services are facing even more cuts. And it’s not as if the banks are passing these interest rate hikes on to savers; they are hoarding them, and paying out huge bonuses after the government removed the bonus cap.”

The Guardian, 21 February 2023

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FTSE 100: HSBC quarterly profit almost doubles boosted by rising interest rates

“Fran Boait, executive director at Positive Money, commented:

“It should come as no surprise that a bank with a track record of financing all things detrimental to the climate, nature and human rights is happy to reap the rewards of interest rate rises that have burdened families already struggling with the cost of living.

“These profits are the chiefly result of higher interest rates paid by the public, rather than any increased efficiency or better service to customers.

“Rather than imposing more costs on ordinary households, the government should tax the windfall profits of banks in order to lift households out of fuel poverty and end the dependence on food banks that has come to mark so many families’ daily experience.””

Yahoo News, 21 February 2023

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NatWest criticised for increasing bonus pool after growing profits to £5.1bn – business live

“Fran Boait, executive director at campaign group Positive Money, points out that the taxpayer bailed out Royal Bank of Scotland, as NatWest was then known, after the financial crisis:

“NatWest is using bumper profits to deepen its bonus pool, not to support the public, who bailed it out just 15 years ago, and who are now footing the bill of the higher interest rates boosting those very same profits.

“It is completely unjust that bankers who create only more wealth for the already-rich get pay boosts whilst those who educate, transport and care for the public are forced onto picket lines for fair wages.

“Clearly the government was reckless in its decision to remove the cap on bankers’ bonuses, which needs to be reinstated, and should tax these unmerited profits in order to provide struggling communities with financial support.””

The Guardian, 17 February 2023

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Barclays lend less to mortgage seekers after Truss mini-budget

“”The case for a windfall tax on excess bank profits has never been stronger,” executive director at Positive Money said.

“Let’s be clear: these profits were taken directly from the pockets of struggling households and businesses because of the Bank of England’s interest rate rises,” Fran Boait said.”

Sky News, 15 February 2023

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NatWest set to raise bonus pool above 350 million pounds

“”Amidst a cost of living crisis banks like NatWest should be doing more to pass on gains to their struggling customers, or suffer the same fate as energy companies with a windfall tax levied on excess profits,” said Simon Youel of Positive Money, which campaigns for a fair financial system.”

Reuters, 10 February 2023

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Who sets our interest rates – the Bank of England or the US Federal Reserve?

“The “pass-through” from interest rates is faster in the UK. Fran Boait, executive director at Positive Money, has pointed out that 750,000 households on tracker mortgages, which move up and down with the bank rate, will see their repayments increase by £50 per month as an immediate result of today’s decision.”

New Statesman, 2 February 2023

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Downsizing logjam to lock a million more bedrooms out of the housing market

“Analysis of the latest Census data by Positive Money, a non-profit, found that there are 1.4 million more homes than households across England and Wales. This is because many people own more than one property.

In every single region, there are more dwellings than households living in them. In the South West, there were 7.3pc more homes than households – the largest “surplus” in the country.”

The Telegraph, 1 February 2023

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Concerns that Government’s Finance Bill Benefits Big Money and Harms the Planet

“Research by campaigning group Positive Money recently found that, of the 49 peers who spoke in support of the bill in the House of Lords, more than half were linked to the City of London, having received payments from financial institutions or worked for them.”

Byline Times, 27 January 2023

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Banks demand deep changes to UK’s accountability rules -sources

“”It has turned out to be quite weak, but that is not necessarily a reason to water it down,” said Simon Youel of Positive Money, which campaigns for a fair financial system, noting enforcement action under the rules was rare.”

Reuters, 24 January 2023

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‘Greed is Good’: The Government is Quietly Rolling Out Dozens of Changes that could “Unleash the Next Financial Crash”

“Simon Youel from Positive Money…said regulators would be pushed to water down regulations. “The Government will have the ability to call in regulators to make them re-review rules in light of whether they are competitive. The industry would lobby the government to say ‘we’re finding these rules uncompetitive – we’re going to move.’ And the government would then pressure the regulators to relax the rules,” Youel said.

“Let’s say we want to properly regulate fossil fuel financing – making sure the risk of investing in fossil fuels is reflected in what capital banks have to hold. They’d say it was uncompetitive. Regulators could be at the whims of those lobbyists,” he added.”

Byline Times, 19 January 2023

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Concerns raised over vested interests as Lords push City deregulation

“Fifteen peers that backed the new competitiveness objective had links to the financial services sector, according to campaign group Positive Money, ranging from paid speeches at City firms to holding senior positions and advisory roles in the sector.

“It should be no surprise that the only people who are enthusiastic about watering down financial regulation are those with links to the City of London,” said Simon Youel, head of policy and advocacy at Positive Money.

“It is a failure of our political system that unelected Lords have the power to influence laws in favour of dangerous deregulation that they stand to benefit from.””

Financial News, 17 January 2023

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Coinbase: Rishi Sunak met with crypto firm ordered to pay $100m over anti money laundering compliance failures

“Simon Youel, head of policy and advocacy at the Positive Money think tank, said: “Despite the issues with the industry becoming clearer every day, the government still struggles to put forward use cases for crypto-assets that justify the hype, or benefits for the public that outweigh the costs.

UK could face ‘banking crisis worse than 2008’ if City fails to prepare for fossil fuel collapse

“One for One campaign, which is backed by groups including Positive Money UK and the Sunrise Project, is calling for coordinated action from governments and financial regulators to address what it says are critical weaknesses in the banking and insurance sectors. That would involve banks and insurers holding one pound worth of capital in reserve to match every pound used to finance or insure fossil fuel projects.”

The Guardian, 12 January 2023

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Cost of Living – Whodunnit?

“Advocacy group Positive Money argues that much of the recent energy price hikes have been down to this ‘fossilflation’.

‘Something like the war in Ukraine or the Organization of Petroleum Exporting Countries (OPEC) cutting production, that can have a substantial effect on our ability to heat our homes, but also to power pretty much everything we do,’ argues senior economist David Barmes. ‘Energy is a significant input into the production, transport and consumption of virtually all of our goods and services.

‘On top of that, fossil fuels are also driving the climate crisis, which is causing heatwaves, droughts and floods across the globe. And that in turn is threatening global food production, and so increasing the prices we pay at the supermarket.’”

New Internationalist, 11 January 2023

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Binance: Treasury ministers met with cryptocurrency exchange under US money-laundering investigation

“Simon Youel, head of policy and advocacy at the Positive Money think tank, said:  “Despite often claiming to be a revolt against crony capitalism, the crypto industry is simply following in the footsteps of the big banks by lobbying politicians to rig policy in their favour.

“Rishi Sunak announced his ambition to make the UK a crypto ‘hub’ after powerful industry interests like Binance had developed cosy relationships with the government.””

National World, 11 January 2023

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They’ve tried ‘unleashing the City’s potential’ before. It didn’t end well

“One astonishing figure unearthed by the Positive Money think tank is that one in five peers in the House of Lords has a paid job with a financial services company. Another is that HSBC officials have had 481 meetings with ministers in the past ten years, just pipping Barclays at 479.”

The Times, 13 December 2022

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UK’s new finance reforms part of a 20-year plan to be ‘world’s next Silicon Valley,’ minister says

““Behind the spin, today’s announcements amount to wide-ranging deregulation that threatens to destabilise an increasingly fragile financial sector, with huge risks to the public and little benefit,” said Fran Boait, executive director at campaign group Positive Money.

“With new objectives for regulators to promote the ‘international competitiveness’ and growth of the financial services sector, we are likely seeing only the beginning of a race to the bottom on standards,” Boait said.”

CNBC, 9 December 2022

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Financialisation: The Growth of British Economic Inequality

“Simon Youel, head of policy and advocacy at think tank Positive Money…told Byline Times that “the financialisation of the British economy has seen industry sacrificed in favour of the City of London and an overvalued currency”, arguing that Britain had become “particularly vulnerable to inflation driven by international supply shocks like we are currently seeing”.”

Byline Times, 4 November 2022

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UK banks start cutting ‘Truss premium’ from mortgage rates, but slowly

““Lenders are able to get away with not passing cheaper rates on to mortgage customers, aided by the failure of Britain’s over-concentrated banking system to function like a competitive market,” said Simon Youel, head of policy and advocacy at Positive Money, which campaigns for a fairer financial system.”

Reuters, 27 October 2022

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We face peril because the UK economy relies on house prices. Here are three ways to fix that | Fran Boait

“The dominant narrative has been that prices reached all-time highs this year due to shortage of supply, but as many economists have argued since the crash, it is bank lending, rather than supply of housing, that is a primary driver of house price rises. And high land prices result in even less social housing being built.”

The Guardian, 24 October 2022

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UK energy firms using £40bn support scheme blocked from paying bonuses

“Fran Boait, an executive director of the research and campaign group Positive Money, said: “It’s good to see that the Bank of England and Treasury have learned the lessons of previous corporate bailout schemes and are finally getting serious about imposing conditions on companies accessing public funds.””

The Guardian, 17 October 2022

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The Bank of England’s £40bn push to stop another ‘Lehman moment’

““The terms of the scheme should ensure that beneficiaries aren’t able to use cheap funding to enrich shareholders through share buybacks and dividend payouts, and that firms are committed to decarbonisation,” says Fran Boait, executive director at the non-profit group Positive Money. ”

The Telegraph, 15 October 2022

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Green bond issue costs Treasury £2.2bn after sale was delayed due to the Queen’s death

“Simon Youel, the head of policy and advocacy at Positive Money, said: “It is unclear why crucial operations like bond sales should not go ahead because of the death of a monarch. The fact that the auction was postponed has increased the cost of the government’s borrowing, which should be of chief concern to the DMO.””

iNews, 28 September 2022

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Axeing banker bonus cap will turbocharge City, says Kwarteng

“Fran Boait, executive director of campaign group Positive Money, said: “This should have been a cost of living budget, but instead it’s a bankers’ budget.””

The Telegraph, 23 September 2022

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UK’s New Chancellor Courts Bankers With Controversial Plan to Lift Bonus Cap

““Gifting bankers uncapped bonuses at a time when millions of households are choosing between eating and heating is beyond tone deaf — it’s shameful,” said Fran Boait, executive director at Positive Money, a campaign group.”

Bloomberg, 15 September 2022

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Bankers wary of backlash if Britain ditches bonus cap to cut EU ties

“”The new government’s priority right now should be raising incomes for the lowest earners, not City fat cats,” said Fran Boait, executive director at Positive Money, which campaigns for a fair financial system.”

Reuters, 15 September 2022

The Hill, 30 August 2021

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Central Banks Must Face Social, Climate Realities: David Barmes

“Central banks have a choice to make: become allies in the transition to a just and sustainable economy, or continue to fuel social and environmental breakdown that will undermine their own core objectives.”

“…As the COP26 summit approaches, central bank heads must face the reality that price stability, financial stability and job security will all be a pipe dream on a burning planet in social turmoil.”

Bloomberg, 30 August 2021

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Central bankers should embrace the role of guardians of the future

From Occupy Wall Street on the left to End the Fed on the right to organizations like London’s Positive Money, which aims to “reform” England’s money and banking system, citizen movements are demanding that the central bank’s purchases further social goals like climate change and tackling inequality.

The Hill, 29 August 2021

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Climate activists want a new US central bank chief — here’s why

The US Fed received a grade of D- on a scorecard that was created by Positive Money, an advocacy group promoting a sustainable economy, and that was designed to rank central bank policies’ greenness across Group of 20 countries.

Al Jazeera, 26 August 2021

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Return of the fat cats? Bank bonuses rise as profits rebound

“Paying out huge bonuses at a time when businesses and households are struggling and the economic outlook remains so uncertain is not only morally dubious but financially irresponsible,” said Simon Youel, head of policy and advocacy at Positive Money.

Youel said much of banks’ recent profitability could be traced to state support measures for the economy. British newspaper reports have suggested UK banks are lobbying to remove the cap on bonuses of twice base pay, which Youel said the government should reject.

Reuters, 5 August 2021

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In Bolsonaro’s backyard, Brazil central bank pressures banks to hew to greener line

According to Positive Money, a London-based campaign group, Brazil has the second “greenest” central bank in the world after China, but the prospects for broader social progress and environmental policy in Brazil remain weak under Bolsonaro.

“By redirecting finance, central bank levers can hugely help or hinder the transition,” said Positive Money economist David Barmes. “But we still need governments to lead the way.”

Reuters, 2 August 2021

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U.K. to Speed Sale of $17 Billion NatWest Stake by Trading Plan

“The enormous decrease in NatWest’s share price since the bailout would mean that we’re getting less than half what we paid for it,” said Simon Youel, head of policy and advocacy at campaign group Positive Money. “Instead of selling at a loss, the government should take advantage of its stake in NatWest to make the bank work in the public interest.”

Bloomberg, 22 July 2021

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BOE Asset-Buying Risks Stoking Prices, Inequality, Lords Say

“Instead of relying on discredited trickle down economics, the Bank of England’s money creation would have been much more effective if it was injected directly into the real economy, through being distributed directly to households or spent by the government,” said Simon Youel, head of policy and advocacy at the Positive Money campaign group.

Bloomberg, 16 July 2021

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‘Resilient’ banks to restart dividends

Simon Youel, head of policy and advocacy at Positive Money, a campaigning group, criticised the move, saying “banks have continued to rake in profits from government loan schemes” during the pandemic while many of their customers have struggled. “With unemployment expected to rise and a high level of economic uncertainty, it is concerning that the Bank of England has decided to pander to the bankers,” Youel said.

The Times, 13 July 2021

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Bank of England mulling more ambitious climate goals amid green push

But the Bank has come under fire from sustainable economy campaign group Positive Money for not going further and linking the tests to the capital that banks and insurers must hold on their balance sheets.

The Evening Standard, 5 July 2021

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How the myth of clean card payments created a cash crisis

Simon Youel, head of policy at the financial advocacy group Positive Money, told me the fee was previously calculated independently by KPMG, “but in January 2018, Link ignored that independent cost study, and reduced the fee anyway, from 25p to 20p – and this is essentially below what is viable for these cash machines to operate”.

“The ATM industry warned that this could lead to closure of 10,000 free-to-use cash machines, and already that number has been surpassed.”

Youel says the fees Link can charge are also under pressure from Mastercard and Visa, which are now operating ATMs “at a loss […] they’re competing with the Link scheme in a way which undermines the viability of the Link scheme”.

New Statesman, 27 June 2021

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Bank of England hits 2030 climate target early as pandemic affects air travel

But sustainable economy campaign group Positive Money called on the Bank to step up its efforts after claiming the report showed its asset purchases funded 3C of global heating – double the 1.5C target the UK government is committed to via the Paris Agreement.

David Barmes, senior economist at Positive Money, said: “Although it’s taking steps in the right direction, the Bank must show greater ambition and leadership ahead of the COP26 climate conference.

“Relying on existing policies, which are focused on gathering more data, just won’t cut it.”

The Independent, 17 June 2021

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David Barmes interview with Helia Ebrahimi

“We need more intervention from government. There’s an assumption that the market will solve this crisis by itself, and that’s just not realistic. [Companies] are starting to change their behaviour…but not at all enough, and not at the pace required to address this crisis.”

Channel 4 News, 9 June 2021

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New Treasury unit will crack down on exaggerated green claims

The Bank [of England] described the [climate stress] tests as “exploratory” and, unlike the financial stress tests, will not use the results to set individual capital requirements for institutions. They will instead inform the Bank’s thinking on systemic threats.

But green campaigners Positive Money said it was time to move “from exploring to acting”.

The Telegraph (print edition), 9 June 2021

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UK banks to reveal exposure to climate crisis for first time

David Barmes, the senior economist at the campaign group Positive Money, was disappointed that the Bank is not planning to use the results to determine capital requirements.

“It is concerning that the Bank of England appears to be ruling out using climate stress tests to help inform changes to capital requirements,” Barmes said. “Climate capital rules that reflect the high risk of fossil fuel investments are a necessary inevitability to ensure financial stability and alignment with the government’s climate plans, and the Bank needs to be introducing such policies without delay.”

“By delaying the implementation of climate capital rules, the Bank is undermining its duty to protect financial stability and support net zero,” he added.

The Guardian, 8 June 2021

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Bank launches first climate change stress test for lenders and insurers 

David Barmes, Positive Money senior economist, said: “The bank’s climate scenario analysis may be a useful exploratory exercise, but it’s time to move from exploring to acting.

“By delaying the implementation of climate capital rules, the bank is undermining its duty to protect financial stability and support net zero.”

The Independent, 8 June 2021

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Digital currencies pose threat to economy, warns Bank of England

Simon Youel, the head of policy and advocacy at the campaign group Positive Money, said: “With the decline of cash and emergence of private digital currencies, we urgently need a new form of public money in the form of a central bank digital currency, to ensure that we aren’t surrendering the future of money to unaccountable private interests.

“A central bank digital currency would open up access to our central bank to everyone, taking away the unique privileges enjoyed by private banks, and ending our reliance on them to manage our money and make payments.”

The Guardian, 7 June 2021

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Analysts call BoE’s move to allow dividend payouts ‘concerning’

““The Bank rightly suspended dividend payouts in March to make sure lenders were preserving capital to support struggling households and businesses across the economy,” Boait said. Private banks have been lobbying to overturn this intervention throughout the summer. “This proves once again that they cannot be trusted to work in the public interest, even during a global pandemic,” she added.”

City AM, 11 December 2020

“Simon Youel, head of policy and advocacy at Positive Money, said the central bank was moving too slowly. “Andrew Bailey claims that there is no ‘lack of leadership’ on climate action at the Bank of England, but nine months after he promised to make greening the Bank’s corporate bond purchases ‘a priority,’ we still haven’t seen the urgent reforms we need to catalyse a green transition,” Youel said.”

Yahoo Finance, 11 December 2020

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Bank of England relaxes coronavirus curbs on bank dividends and bonuses

““It is deeply concerning that the Bank of England is pandering to commercial banks and allowing them to prioritise shareholder payouts instead of supporting the Covid-19 recovery,” Fran Boait, executive director at Positive Money, said.”

Reuters, 10 December 2020

“The reserves could be better put to use in supporting lending and the economy, said Fran Boait, executive director of think tank Positive Money.”

BBC, 10 December 2020

“Simon Youel, head of policy at Positive Money — which campaigns against market dominance in the financial sector — said there is “a real problem with the UK market dominated by these four firms”. “They have been repeatedly failing,” he told AFP.”

Yahoo Finance, 30 November 2020

“Fran Boait, the executive director of Positive Money, said: “The measures announced by the Treasury and the Bank of England this week are positive steps, but they are just baby steps considering what needs to happen to shift UK finance in line with the Paris agreement and the government’s net zero target. If the government wants to show leadership ahead of Cop6 it will have to go further.””

Guardian, 16 November 2020

Bank of England ‘failing’ on climate change reform

“If they are serious about carbon-reduction plans, the bond portfolio is low-hanging fruit compared with net zero,” Fran Boait, executive director of the campaign group Positive Money, said. “How do you expect to transition to a green economy if you can’t do this small thing in a year?”

Times, 16 November 2020

Tesco defends paying £315MILLION dividend to shareholders – despite getting business rates break worth £249m

“Positive Money, a campaign group, criticised the Tesco move. Fran Boait, its chief executive, told the Guardian: ‘There needs to be conditions to ensure that any company receiving public support in a time of crisis isn’t wasting money on paying out dividends to wealthy shareholders.'”

Mail Online, 8 October 2020

“In a report published on Wednesday, the National Audit Office found that the scheme could cost taxpayers as much as £26bn to underwrite loans which small businesses cannot pay back after the coronavirus pandemic.

Campaign group Positive Money estimates that could mean hundreds of millions of pounds of profits for banks who have taken no risk because loans are 100 per cent guaranteed by the taxpayer.”

Independent, 7 October 2020

“Positive Money, a campaign group, criticised the Tesco move. Fran Boait, its chief executive, said: “There needs to be conditions to ensure that any company receiving public support in a time of crisis isn’t wasting money on paying out dividends to wealthy shareholders.””

Guardian, 7 October 2020

“Breeden was reprimanded by Caroline Lucas MP on the CCFF’s failure to protect the environment and jobs, after Positive Money’s Fran Boait told the Committee that 60% of firms receiving bailouts through the scheme were laying off staff, while many were continuing to pay out dividends to shareholders.

Responding to Sarah Breeden’s remarks, Fran Boait, executive director of Positive Money, said: “It is hugely worrying to hear the Bank of England confirm that it did not even raise the possibility of attaching conditions which would have saved jobs and the environment to its corporate bailout scheme. It is precisely because of the lack of conditions that the CCFF is failing its own stated objectives, with 6 in 10 companies receiving funds cutting jobs, while many continue to pay out dividends to shareholders.”

Financial Reporter, 25 September 2020

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “By letting landlords off the hook on tax avoidance, the government is once again showing that it is more interested in looking after the interests of banks and property owners rather than the workers and renters who face the threat of unemployment and eviction as the furlough scheme and eviction freeze comes to an end.””

VICE News, 19 August 2020

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War on cash must end to stem the misery for elderly and vulnerable who need it

“Worryingly, with the Covid-19 pandemic, this war on cash is now being fought on two fronts. Not only are people finding it harder to withdraw cash, but they are also finding it harder to use it, with many retailers insisting that people pay via card. This is despite the scientific evidence showing that cash poses no particular risk of virus transmission, and that banknotes may actually be safer than frequently touched surfaces such as card terminals.”

Daily Express, 18 August 2020

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The UK Government Has Bailed Out Companies Complicit in Human Rights Abuses and Environmental Destruction

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “The Arctic is on fire and millions are facing unemployment and destitution, but the British state has prioritised giving billions of pounds in special no-strings-attached support to the very corporations driving these crises, including fossil fuel firms and companies laying off tens of thousands of workers.

“Rather than simply propping up socially and environmentally destructive business models, we could be using the leverage we have here to force these companies to clean up their game, to protect jobs and climate. Even better, these billions could instead be invested in creating new industries and jobs which aren’t based on the exploitation of people and planet.”

VICE News, 17 August 2020

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Gearing up for green protests — Second wave fears — Computers rule

“Activists are not only targeting governments with their calls to green the pandemic recovery — but also central banks. On Thursday, campaigners with advocacy group Positive Money called on Bank of England governor Andrew Bailey to stick to his pledges to build a greener economy, as Britain’s central bank released its latest monetary policy and financial stability reports.”

POLITICO, 7 August 2020

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Bank of England warns UK unemployment will hit 2.5m after Covid-19 slump

“Rachel Oliver, head of campaigns and organising at Positive Money, is also challenging the Bank of England to clean up its game:

“In March Andrew Bailey told us that decarbonising the Bank’s policies was a priority. But he’s since gone back on his word, funneling billions of pounds towards companies wrecking our planet and laying off workers. We’re here to encourage him to make the most of this opportunity for a green recovery so that the Covid crisis isn’t followed by an even bigger climate crisis.””

The Guardian, 6 August 2020

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Corporations Receiving Bailout Billions Have Laid Off Staff and Paid Investors

“The Bank of England talks a big game about a green recovery and building back better, but it’s not putting its money where its mouth is,” says Simon Youel, Head of Policy & Advocacy at Positive Money.

“Instead,” Youel says, “the Bank has been bailing out big polluters and bad bosses with no strings attached. The Bank’s argument that it’s prioritising jobs might hold up if these corporations weren’t also paying out dividends and laying off workers, precisely because of the lack of conditions to the billion of pounds of support they’re getting. To save jobs and the planet, we need to take this opportunity to demand something in return.”

VICE News, 4 August 2020

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Two-thirds of Brits think coronavirus bailouts should have strings attached

“Financial campaign group Positive Money and pollster Yougov found that 63 per cent of the UK public thinks coronavirus bailouts should come with social and environmental strings attached.”

City AM, 2 July 2020

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Bank of England told to ‘put its money where its mouth is’ on climate change

“Fran Boait, executive director of Positive Money, said it was “disappointing” the Bank of England was using “newly created public money [to] support companies who are driving us towards irreversible climate breakdown.”

Yahoo Finance UK, 19 June 2020

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Covid-19 relief for fossil fuel industries risks green recovery plans

“The Bank of England’s failure to lead by example in greening its activities risks seriously undermining the UK’s efforts to show global leadership on climate through Cop26,” said Fran Boait, executive director of the pressure group Positive Money. “It would be farcical if the institution underpinning Britain’s financial system is still pumping money towards companies whose business models are utterly incompatible with global emissions targets.”

The Guardian, 6 June 2020

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Airlines and carmakers benefit from UK Covid relief scheme

“In return for assistance on such generous terms, we the public can demand better,” said Fran Boait, executive director of the pressure group Positive Money. “We really need to ask whether we should be propping up climate criminals and bad bosses with public money. The government must consider whether conditions which would stop firms laying off workers, avoiding tax and fuelling the climate crisis should be applied to these bailouts.”

The Guardian, 5 June 2020

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BoE governor Andrew Bailey: Fiscal stimulus should keep climate change in mind

“Yet campaign group Positive Money criticised the Bank, which has been supporting airlines, chemicals firms and other polluters throughout the crisis.”

City AM, 5 June 2020

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Coronavirus: Airlines among businesses given Bank of England bailouts

“Campaign group Positive Money said: “The fact so many household name brands are drawing on the Bank of England’s bailout scheme, to the tune of billions, reveals just how much big corporations are reliant on the state for survival. In return for assistance on such generous terms, we the public can demand better.”

Sky News, 4 June 2020

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AstraZeneca deal boosts potential Covid-19 vaccine supply to 2bn doses – as it happened

“Campaign group Positive Money has accused the Bank of England and Treasury of “propping up climate criminals and bad bosses with public money,” through the CCFF.”

The Guardian, 4 June 2020

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Bank of England to name recipients of coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, which has campaigned for greater transparency, said the CCFF “was serving as a secret bailout vehicle, allowing Britain’s biggest corporations to access public money without the public having to know”.”

City AM, 19 May 2020

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UK economy shrinks 2% due to coronavirus crisis in worst fall since 2008

“Fran Boait, executive director of Positive Money, said: “As GDP continues to fall policymakers will be increasingly tempted to accelerate the easing of emergency public health measures in order to get the economy growing again. There is a clear tension between this dash for growth and public health, as illustrated by the government’s eagerness to get workers back to workplaces regardless of whether it is safe.

“The evidence shows that the vast majority of the public think we should worry more about people’s health and wellbeing than GDP growth during this crisis. The government should not pay too much attention to today’s statistics and instead put public health ahead of private wealth.””

The Mirror, 13 May 2020

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Our recovery from this crisis must put people and environment ahead of economic growth

“Moreover, as a new report from Positive Money explains, thinking of policy-making in terms of GDP growth in general is deeply misguided, and does no good for people nor planet.”

PoliticsHome, 13 May 2020

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Quality of life measures should replace GDP as UK priority, public says in poll

“The online poll, commissioned by the campaign group Positive Money and conducted by YouGov, asked 2,061 adults what the UK should prioritise during the Covid-19 pandemic.”

The Independent, 11 May 2020

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Wellbeing should be put above economic growth, says poll

“As the Prime Minister delivers the message that people can return to work if they cannot do their job from home, Positive Money and YouGov revealed the results of their poll which found just one in 10 people think the UK should prioritise economic growth over health and wellbeing.”

The Big Issue, 11 May 2020

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Let’s not forget lessons learnt in lockdown

“At the start of the month a YouGov poll, commissioned by the pressure group Positive Money, found that six in ten Britons want the government, post-virus, to focus more on our health and wellbeing than on our economy and wealth.”

The Times, 11 May 2020

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Coronavirus: Only 12% of Brits want UK to prioritise economic growth over wellbeing

“An overwhelming majority (82%) want indicators of the UK’s quality of life to come before economic growth, according to the poll of 2,061 UK adults conducted by YouGov on behalf of campaign group Positive Money.”

Yahoo Finance UK, 11 May 2020

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Eight out of ten Britons demand quality of life takes priority over economic growth on way out of Covid-19 lockdown despite warnings it could cause GDP to slump by nearly 30 per cent

Fran Boait, executive director of Positive Money, which commissioned the research, said: ‘It’s clear the vast majority of the public think we should worry more about people’s health and wellbeing than economic growth.

‘The government must not be tempted to pursue policies that would boost GDP at the expense of lives, wellbeing and the environment.’

Daily Mail, 11 May 2020

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Britons want quality of life indicators to take priority over economy

“Positive Money, the campaigning group that commissioned the research, said the poll showed that the government should publish statistics on social indicators, health, the environment and quality of life to give a truer picture of the UK’s status and help policymakers better target what the public wants.”

The Guardian, 10 May 2020

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Digital cash issued centrally ‘would help in crises like coronavirus pandemic’

“Positive Money, a not-for-profit research company funded by charitable trusts and foundations, said central banks such as the Bank of England should issue it to help support trust in money.”

Yahoo Finance, 23 April 2020

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Bank of England ‘failing climate’ with Covid-19 stimulus programme

“Positive Money, a campaign group, said the purchases of oil company bonds broke the promises of Andrew Bailey, the new Bank of England governor, who last month told MPs there was a “very strong argument” for excluding fossil fuel companies from the purchases.”

The Guardian, 16 April 2020

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Hedge funds profiting from Covid-19 ‘must give more back’

“Fran Boait of campaign group Positive Money said: “Regulators must take a tougher line against financial profiteering during the pandemic.””

Evening Standard, 15 April 2020

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Bank of England to directly finance UK government’s extra spending

“Fran Boait, executive director of Positive Money, an advocacy group, said: “This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance its spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

Financial Times, 9 April 2020

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Coronavirus: Government expands its overdraft in preparation for economic fallout

“Fran Boait, executive director of Positive Money, said: “Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.”

Sky News, 9 April 2020

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Bank of England to finance UK government Covid-19 crisis spending

“Fran Boait, executive director of the campaign group Positive Money said: “It is welcome that the Bank of England is using its power to create money to directly finance government spending, after denying that such a tool was on the table.

“Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.””

The Guardian, 9 April 2020

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Bank of England extends Government’s emergency overdraft account amid coronavirus crisis

“Fran Boait of the pressure group Positive Money argued the extension of the W&M account represents a shift in policy.

“This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance and spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

The Independent, 9 April 2020

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UK economy shrunk before coronavirus pandemic in February, latest figures show

“Fran Boait, executive director of Positive Money, said: “There is a risk that as growth figures get worse, the Government will be pressured to relax coronavirus prevention measures to get the economy going again, at the expense of lives.

“Doing so would be dangerous. The Government needs to put the health of the public ahead of the growth of the economy.””

The Independent, 9 April 2020

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Banks under fire over personal guarantees on coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, called for more action from the government and said: “Banks must not be allowed to exploit this crisis to their benefit.”

Yahoo Finance UK, 26 March 2020

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ANALYSIS-Cash in hand: Could basic income protect livelihoods in coronavirus crisis?

““There is a realisation it would be a good way of ensuring people’s safety nets are covered and therefore they can follow public health advice to stay at home more easily,” said Fran Boait, executive director of British think tank Positive Money.”

Reuters, 25 March 2020

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ESG in the coronavirus chaos; ‘world on fire’; where’s the BRT?

“The new governor Andrew Bailey has pledged to decarbonise the Bank of England’s balance sheet, so he must stick to his word by not buying any high-carbon assets through this new round of corporate QE,” said Fran Boait, executive director of Positive Money. “The response to the coronavirus crisis must not jeopardise the response to the climate crisis.””

Financial Times, 20 March 2020

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Bank of England could provide money DIRECTLY to workers and businesses as new governor Andrew Bailey urges under-pressure UK firms to ‘talk to us’ before axing staff amid coronavirus crisis

“Fran Boait, executive director of Positive Money, a pressure group seeking reform in finance, said the Bank’s action was welcome but she warned it may not help those most in need.”

Daily Mail, 18 March 2020

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Carney sees big challenges as BoE eyes ‘digital banknotes’

“The BoE’s move was welcomed by think-tank Positive Money, which is critical of commercial banks’ lending policies.

“The government and central bank must continue to work together to accelerate efforts to issue a digital currency before they are beaten to it by the likes of Facebook,” Positive Money’s head of policy David Clarke said.”

Reuters, 12 March 2020

 

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Climate change: the chancellor should invest in the transition

“This week I was invited to sign a letter to the new governor of the Bank of England, asking him to make our monetary policy appropriate for the climate emergency we are living through. The Bank creates some of our currency by buying company assets, including of fossil fuel companies. So I was delighted that following this request by Positive Money, the New Economics Foundation and others, Andrew Bailey agreed with the Treasury select committee that the Bank’s portfolio should reflect the government’s commitment to carbon neutrality.”

The Times, 11 March 2020

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Carney says banks could be penalised if they hold polluting assets

“David Clarke, head of policy at Positive Money, a pressure group seeking reform in finance, said the policy would be a “game-changer” by helping to stem the flow of cheap credit into fossil fuels. “As the institution overseeing and underpinning our financial system, the central bank must use all of the tools at its disposal to shift finance in line with the government’s climate goals,” he added.”

The Telegraph, 10 March 2020

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Bank of England could penalise banks for polluting assets

“Positive Money, a climate campaign group, said it welcomed Carney’s comments.

“The Bank of England introducing a brown-penalising factor would be a game-changer in the battle to decarbonise our economy, as it would help stem the huge flow of cheap credit our financial system is pouring into fossil fuels,” said David Clarke, head of policy at Positive Money.”

City AM, 10 March 2020

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Spend £8bn to kickstart plan to decarbonise economy, chancellor told

“Fran Boait, executive director of Positive Money, one of the sponsors of the letter, said: “The investments made by our financial system today determine whether we will be able to keep global temperature rises below the 1.5C upper safe limit. Finance is currently funding warming of more than 4C, which represents an existential threat not only to finance and the economy, but to life on earth.”

The Guardian, 4 March 2020

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Andrew Bailey urged to keep climate focus at Bank of England

“The campaign and research groups, which include Positive Money, the New Economics Foundation and Greenpeace, also called for the Bank to exclude fossil fuel assets from future rounds of its bond buying programme.”

City AM, 3 March 2020

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New Bank of England chief told: Make climate change top priority

“Positive Money, a not-for-profit campaign group set up in the wake of the financial crisis, coordinated the letter, which has been signed by over 100 academics, scientists, and public figures.”

Yahoo Finance, 3 March 2020

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John McDonnell says Treasury committee will now be ‘toothless’

“Fran Boait, executive director of the campaign group Positive Money, which acts to pressure financial regulators and the industry to serve societal interests, said that it was important for members of the committee to “prove they are able to stand up for the public interest”.”

The Guardian, 1 March 2020

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How Help to Buy could return to haunt the Conservatives

For one thing, as noted, this meant pumping more money into the housing market, leading critics to attack the scheme as – in the words of Fran Boait, executive director of Positive money – “a subsidy for a housing bubble, benefiting property developers and existing homeowners”.

New Statesman, 26 February 2020

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Bank of England chief cashier signals support for official cryptocurrency

“Fran Boait, executive director of Positive Money, warned that digital currencies launched by the private sector, such as Libra, are “ unaccountable”, “undemocratic” and “with no oversight”.

“Technology is moving on very fast so central banks are very alert to the fact that they could risk handing over complete control of our management of money,” she added.””

The Telegraph, 22 February 2020

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Dream of a ‘cashless society’ loses currency for consumers left out in cold by digital payments

“This is not just from a change in consumer preferences,” says David Clarke, head of policy at Positive Money.

“It is being very much driven by banks and card companies, in particular through banks closing branches and withdrawing funding for the cash machine network.”

The Telegraph, 19 February 2020

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RBS tries to shake off toxic past with NatWest rename

“Fran Boait of think tank Positive Money said it “remains to be seen whether this rebrand is really about doing things differently or whether it’s just a superficial name change” adding that the bank has been “the poster child for the worst excesses in the banking sector”.”

The Telegraph, 14 February 2020

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Bank attacked over fossil fuel holdings

“Positive Money, a green pressure group, has been pushing for the Bank to clean up its own portfolio. Fran Boait, executive director, said: “The Bank has refused to consider divesting its own portfolio from fossil fuels.””

The Times, 10 February 2020

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Most people don’t trust big tech companies to issue digital currencies, survey finds

““With the decline of physical notes and coins, we risk handing complete control over the issuance and management of our money to a small group of banks, payment companies and now tech giants,” said Fran Boait, executive director of Positive Money.”

City AM, 5 February 2020

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 2019

 

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

UK Landlords Dodging an Estimated £1.73 Billion in Tax

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “By letting landlords off the hook on tax avoidance, the government is once again showing that it is more interested in looking after the interests of banks and property owners rather than the workers and renters who face the threat of unemployment and eviction as the furlough scheme and eviction freeze comes to an end.””

VICE News, 19 August 2020

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War on cash must end to stem the misery for elderly and vulnerable who need it

“Worryingly, with the Covid-19 pandemic, this war on cash is now being fought on two fronts. Not only are people finding it harder to withdraw cash, but they are also finding it harder to use it, with many retailers insisting that people pay via card. This is despite the scientific evidence showing that cash poses no particular risk of virus transmission, and that banknotes may actually be safer than frequently touched surfaces such as card terminals.”

Daily Express, 18 August 2020

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The UK Government Has Bailed Out Companies Complicit in Human Rights Abuses and Environmental Destruction

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “The Arctic is on fire and millions are facing unemployment and destitution, but the British state has prioritised giving billions of pounds in special no-strings-attached support to the very corporations driving these crises, including fossil fuel firms and companies laying off tens of thousands of workers.

“Rather than simply propping up socially and environmentally destructive business models, we could be using the leverage we have here to force these companies to clean up their game, to protect jobs and climate. Even better, these billions could instead be invested in creating new industries and jobs which aren’t based on the exploitation of people and planet.”

VICE News, 17 August 2020

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Gearing up for green protests — Second wave fears — Computers rule

“Activists are not only targeting governments with their calls to green the pandemic recovery — but also central banks. On Thursday, campaigners with advocacy group Positive Money called on Bank of England governor Andrew Bailey to stick to his pledges to build a greener economy, as Britain’s central bank released its latest monetary policy and financial stability reports.”

POLITICO, 7 August 2020

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Bank of England warns UK unemployment will hit 2.5m after Covid-19 slump

“Rachel Oliver, head of campaigns and organising at Positive Money, is also challenging the Bank of England to clean up its game:

“In March Andrew Bailey told us that decarbonising the Bank’s policies was a priority. But he’s since gone back on his word, funneling billions of pounds towards companies wrecking our planet and laying off workers. We’re here to encourage him to make the most of this opportunity for a green recovery so that the Covid crisis isn’t followed by an even bigger climate crisis.””

The Guardian, 6 August 2020

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Corporations Receiving Bailout Billions Have Laid Off Staff and Paid Investors

“The Bank of England talks a big game about a green recovery and building back better, but it’s not putting its money where its mouth is,” says Simon Youel, Head of Policy & Advocacy at Positive Money.

“Instead,” Youel says, “the Bank has been bailing out big polluters and bad bosses with no strings attached. The Bank’s argument that it’s prioritising jobs might hold up if these corporations weren’t also paying out dividends and laying off workers, precisely because of the lack of conditions to the billion of pounds of support they’re getting. To save jobs and the planet, we need to take this opportunity to demand something in return.”

VICE News, 4 August 2020

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Two-thirds of Brits think coronavirus bailouts should have strings attached

“Financial campaign group Positive Money and pollster Yougov found that 63 per cent of the UK public thinks coronavirus bailouts should come with social and environmental strings attached.”

City AM, 2 July 2020

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Bank of England told to ‘put its money where its mouth is’ on climate change

“Fran Boait, executive director of Positive Money, said it was “disappointing” the Bank of England was using “newly created public money [to] support companies who are driving us towards irreversible climate breakdown.”

Yahoo Finance UK, 19 June 2020

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Covid-19 relief for fossil fuel industries risks green recovery plans

“The Bank of England’s failure to lead by example in greening its activities risks seriously undermining the UK’s efforts to show global leadership on climate through Cop26,” said Fran Boait, executive director of the pressure group Positive Money. “It would be farcical if the institution underpinning Britain’s financial system is still pumping money towards companies whose business models are utterly incompatible with global emissions targets.”

The Guardian, 6 June 2020

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Airlines and carmakers benefit from UK Covid relief scheme

“In return for assistance on such generous terms, we the public can demand better,” said Fran Boait, executive director of the pressure group Positive Money. “We really need to ask whether we should be propping up climate criminals and bad bosses with public money. The government must consider whether conditions which would stop firms laying off workers, avoiding tax and fuelling the climate crisis should be applied to these bailouts.”

The Guardian, 5 June 2020

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BoE governor Andrew Bailey: Fiscal stimulus should keep climate change in mind

“Yet campaign group Positive Money criticised the Bank, which has been supporting airlines, chemicals firms and other polluters throughout the crisis.”

City AM, 5 June 2020

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Coronavirus: Airlines among businesses given Bank of England bailouts

“Campaign group Positive Money said: “The fact so many household name brands are drawing on the Bank of England’s bailout scheme, to the tune of billions, reveals just how much big corporations are reliant on the state for survival. In return for assistance on such generous terms, we the public can demand better.”

Sky News, 4 June 2020

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AstraZeneca deal boosts potential Covid-19 vaccine supply to 2bn doses – as it happened

“Campaign group Positive Money has accused the Bank of England and Treasury of “propping up climate criminals and bad bosses with public money,” through the CCFF.”

The Guardian, 4 June 2020

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Bank of England to name recipients of coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, which has campaigned for greater transparency, said the CCFF “was serving as a secret bailout vehicle, allowing Britain’s biggest corporations to access public money without the public having to know”.”

City AM, 19 May 2020

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UK economy shrinks 2% due to coronavirus crisis in worst fall since 2008

“Fran Boait, executive director of Positive Money, said: “As GDP continues to fall policymakers will be increasingly tempted to accelerate the easing of emergency public health measures in order to get the economy growing again. There is a clear tension between this dash for growth and public health, as illustrated by the government’s eagerness to get workers back to workplaces regardless of whether it is safe.

“The evidence shows that the vast majority of the public think we should worry more about people’s health and wellbeing than GDP growth during this crisis. The government should not pay too much attention to today’s statistics and instead put public health ahead of private wealth.””

The Mirror, 13 May 2020

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Our recovery from this crisis must put people and environment ahead of economic growth

“Moreover, as a new report from Positive Money explains, thinking of policy-making in terms of GDP growth in general is deeply misguided, and does no good for people nor planet.”

PoliticsHome, 13 May 2020

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Quality of life measures should replace GDP as UK priority, public says in poll

“The online poll, commissioned by the campaign group Positive Money and conducted by YouGov, asked 2,061 adults what the UK should prioritise during the Covid-19 pandemic.”

The Independent, 11 May 2020

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Wellbeing should be put above economic growth, says poll

“As the Prime Minister delivers the message that people can return to work if they cannot do their job from home, Positive Money and YouGov revealed the results of their poll which found just one in 10 people think the UK should prioritise economic growth over health and wellbeing.”

The Big Issue, 11 May 2020

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Let’s not forget lessons learnt in lockdown

“At the start of the month a YouGov poll, commissioned by the pressure group Positive Money, found that six in ten Britons want the government, post-virus, to focus more on our health and wellbeing than on our economy and wealth.”

The Times, 11 May 2020

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Coronavirus: Only 12% of Brits want UK to prioritise economic growth over wellbeing

“An overwhelming majority (82%) want indicators of the UK’s quality of life to come before economic growth, according to the poll of 2,061 UK adults conducted by YouGov on behalf of campaign group Positive Money.”

Yahoo Finance UK, 11 May 2020

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Eight out of ten Britons demand quality of life takes priority over economic growth on way out of Covid-19 lockdown despite warnings it could cause GDP to slump by nearly 30 per cent

Fran Boait, executive director of Positive Money, which commissioned the research, said: ‘It’s clear the vast majority of the public think we should worry more about people’s health and wellbeing than economic growth.

‘The government must not be tempted to pursue policies that would boost GDP at the expense of lives, wellbeing and the environment.’

Daily Mail, 11 May 2020

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Britons want quality of life indicators to take priority over economy

“Positive Money, the campaigning group that commissioned the research, said the poll showed that the government should publish statistics on social indicators, health, the environment and quality of life to give a truer picture of the UK’s status and help policymakers better target what the public wants.”

The Guardian, 10 May 2020

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Digital cash issued centrally ‘would help in crises like coronavirus pandemic’

“Positive Money, a not-for-profit research company funded by charitable trusts and foundations, said central banks such as the Bank of England should issue it to help support trust in money.”

Yahoo Finance, 23 April 2020

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Bank of England ‘failing climate’ with Covid-19 stimulus programme

“Positive Money, a campaign group, said the purchases of oil company bonds broke the promises of Andrew Bailey, the new Bank of England governor, who last month told MPs there was a “very strong argument” for excluding fossil fuel companies from the purchases.”

The Guardian, 16 April 2020

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Hedge funds profiting from Covid-19 ‘must give more back’

“Fran Boait of campaign group Positive Money said: “Regulators must take a tougher line against financial profiteering during the pandemic.””

Evening Standard, 15 April 2020

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Bank of England to directly finance UK government’s extra spending

“Fran Boait, executive director of Positive Money, an advocacy group, said: “This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance its spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

Financial Times, 9 April 2020

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Coronavirus: Government expands its overdraft in preparation for economic fallout

“Fran Boait, executive director of Positive Money, said: “Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.”

Sky News, 9 April 2020

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Bank of England to finance UK government Covid-19 crisis spending

“Fran Boait, executive director of the campaign group Positive Money said: “It is welcome that the Bank of England is using its power to create money to directly finance government spending, after denying that such a tool was on the table.

“Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.””

The Guardian, 9 April 2020

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Bank of England extends Government’s emergency overdraft account amid coronavirus crisis

“Fran Boait of the pressure group Positive Money argued the extension of the W&M account represents a shift in policy.

“This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance and spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

The Independent, 9 April 2020

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UK economy shrunk before coronavirus pandemic in February, latest figures show

“Fran Boait, executive director of Positive Money, said: “There is a risk that as growth figures get worse, the Government will be pressured to relax coronavirus prevention measures to get the economy going again, at the expense of lives.

“Doing so would be dangerous. The Government needs to put the health of the public ahead of the growth of the economy.””

The Independent, 9 April 2020

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Banks under fire over personal guarantees on coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, called for more action from the government and said: “Banks must not be allowed to exploit this crisis to their benefit.”

Yahoo Finance UK, 26 March 2020

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ANALYSIS-Cash in hand: Could basic income protect livelihoods in coronavirus crisis?

““There is a realisation it would be a good way of ensuring people’s safety nets are covered and therefore they can follow public health advice to stay at home more easily,” said Fran Boait, executive director of British think tank Positive Money.”

Reuters, 25 March 2020

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ESG in the coronavirus chaos; ‘world on fire’; where’s the BRT?

“The new governor Andrew Bailey has pledged to decarbonise the Bank of England’s balance sheet, so he must stick to his word by not buying any high-carbon assets through this new round of corporate QE,” said Fran Boait, executive director of Positive Money. “The response to the coronavirus crisis must not jeopardise the response to the climate crisis.””

Financial Times, 20 March 2020

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Bank of England could provide money DIRECTLY to workers and businesses as new governor Andrew Bailey urges under-pressure UK firms to ‘talk to us’ before axing staff amid coronavirus crisis

“Fran Boait, executive director of Positive Money, a pressure group seeking reform in finance, said the Bank’s action was welcome but she warned it may not help those most in need.”

Daily Mail, 18 March 2020

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Carney sees big challenges as BoE eyes ‘digital banknotes’

“The BoE’s move was welcomed by think-tank Positive Money, which is critical of commercial banks’ lending policies.

“The government and central bank must continue to work together to accelerate efforts to issue a digital currency before they are beaten to it by the likes of Facebook,” Positive Money’s head of policy David Clarke said.”

Reuters, 12 March 2020

 

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Climate change: the chancellor should invest in the transition

“This week I was invited to sign a letter to the new governor of the Bank of England, asking him to make our monetary policy appropriate for the climate emergency we are living through. The Bank creates some of our currency by buying company assets, including of fossil fuel companies. So I was delighted that following this request by Positive Money, the New Economics Foundation and others, Andrew Bailey agreed with the Treasury select committee that the Bank’s portfolio should reflect the government’s commitment to carbon neutrality.”

The Times, 11 March 2020

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Carney says banks could be penalised if they hold polluting assets

“David Clarke, head of policy at Positive Money, a pressure group seeking reform in finance, said the policy would be a “game-changer” by helping to stem the flow of cheap credit into fossil fuels. “As the institution overseeing and underpinning our financial system, the central bank must use all of the tools at its disposal to shift finance in line with the government’s climate goals,” he added.”

The Telegraph, 10 March 2020

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Bank of England could penalise banks for polluting assets

“Positive Money, a climate campaign group, said it welcomed Carney’s comments.

“The Bank of England introducing a brown-penalising factor would be a game-changer in the battle to decarbonise our economy, as it would help stem the huge flow of cheap credit our financial system is pouring into fossil fuels,” said David Clarke, head of policy at Positive Money.”

City AM, 10 March 2020

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Spend £8bn to kickstart plan to decarbonise economy, chancellor told

“Fran Boait, executive director of Positive Money, one of the sponsors of the letter, said: “The investments made by our financial system today determine whether we will be able to keep global temperature rises below the 1.5C upper safe limit. Finance is currently funding warming of more than 4C, which represents an existential threat not only to finance and the economy, but to life on earth.”

The Guardian, 4 March 2020

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Andrew Bailey urged to keep climate focus at Bank of England

“The campaign and research groups, which include Positive Money, the New Economics Foundation and Greenpeace, also called for the Bank to exclude fossil fuel assets from future rounds of its bond buying programme.”

City AM, 3 March 2020

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New Bank of England chief told: Make climate change top priority

“Positive Money, a not-for-profit campaign group set up in the wake of the financial crisis, coordinated the letter, which has been signed by over 100 academics, scientists, and public figures.”

Yahoo Finance, 3 March 2020

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John McDonnell says Treasury committee will now be ‘toothless’

“Fran Boait, executive director of the campaign group Positive Money, which acts to pressure financial regulators and the industry to serve societal interests, said that it was important for members of the committee to “prove they are able to stand up for the public interest”.”

The Guardian, 1 March 2020

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How Help to Buy could return to haunt the Conservatives

For one thing, as noted, this meant pumping more money into the housing market, leading critics to attack the scheme as – in the words of Fran Boait, executive director of Positive money – “a subsidy for a housing bubble, benefiting property developers and existing homeowners”.

New Statesman, 26 February 2020

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Bank of England chief cashier signals support for official cryptocurrency

“Fran Boait, executive director of Positive Money, warned that digital currencies launched by the private sector, such as Libra, are “ unaccountable”, “undemocratic” and “with no oversight”.

“Technology is moving on very fast so central banks are very alert to the fact that they could risk handing over complete control of our management of money,” she added.””

The Telegraph, 22 February 2020

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Dream of a ‘cashless society’ loses currency for consumers left out in cold by digital payments

“This is not just from a change in consumer preferences,” says David Clarke, head of policy at Positive Money.

“It is being very much driven by banks and card companies, in particular through banks closing branches and withdrawing funding for the cash machine network.”

The Telegraph, 19 February 2020

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RBS tries to shake off toxic past with NatWest rename

“Fran Boait of think tank Positive Money said it “remains to be seen whether this rebrand is really about doing things differently or whether it’s just a superficial name change” adding that the bank has been “the poster child for the worst excesses in the banking sector”.”

The Telegraph, 14 February 2020

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Bank attacked over fossil fuel holdings

“Positive Money, a green pressure group, has been pushing for the Bank to clean up its own portfolio. Fran Boait, executive director, said: “The Bank has refused to consider divesting its own portfolio from fossil fuels.””

The Times, 10 February 2020

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Most people don’t trust big tech companies to issue digital currencies, survey finds

““With the decline of physical notes and coins, we risk handing complete control over the issuance and management of our money to a small group of banks, payment companies and now tech giants,” said Fran Boait, executive director of Positive Money.”

City AM, 5 February 2020

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 2019

 

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

UK Landlords Dodging an Estimated £1.73 Billion in Tax

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “By letting landlords off the hook on tax avoidance, the government is once again showing that it is more interested in looking after the interests of banks and property owners rather than the workers and renters who face the threat of unemployment and eviction as the furlough scheme and eviction freeze comes to an end.””

VICE News, 19 August 2020

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War on cash must end to stem the misery for elderly and vulnerable who need it

“Worryingly, with the Covid-19 pandemic, this war on cash is now being fought on two fronts. Not only are people finding it harder to withdraw cash, but they are also finding it harder to use it, with many retailers insisting that people pay via card. This is despite the scientific evidence showing that cash poses no particular risk of virus transmission, and that banknotes may actually be safer than frequently touched surfaces such as card terminals.”

Daily Express, 18 August 2020

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The UK Government Has Bailed Out Companies Complicit in Human Rights Abuses and Environmental Destruction

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “The Arctic is on fire and millions are facing unemployment and destitution, but the British state has prioritised giving billions of pounds in special no-strings-attached support to the very corporations driving these crises, including fossil fuel firms and companies laying off tens of thousands of workers.

“Rather than simply propping up socially and environmentally destructive business models, we could be using the leverage we have here to force these companies to clean up their game, to protect jobs and climate. Even better, these billions could instead be invested in creating new industries and jobs which aren’t based on the exploitation of people and planet.”

VICE News, 17 August 2020

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Gearing up for green protests — Second wave fears — Computers rule

“Activists are not only targeting governments with their calls to green the pandemic recovery — but also central banks. On Thursday, campaigners with advocacy group Positive Money called on Bank of England governor Andrew Bailey to stick to his pledges to build a greener economy, as Britain’s central bank released its latest monetary policy and financial stability reports.”

POLITICO, 7 August 2020

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Bank of England warns UK unemployment will hit 2.5m after Covid-19 slump

“Rachel Oliver, head of campaigns and organising at Positive Money, is also challenging the Bank of England to clean up its game:

“In March Andrew Bailey told us that decarbonising the Bank’s policies was a priority. But he’s since gone back on his word, funneling billions of pounds towards companies wrecking our planet and laying off workers. We’re here to encourage him to make the most of this opportunity for a green recovery so that the Covid crisis isn’t followed by an even bigger climate crisis.””

The Guardian, 6 August 2020

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Corporations Receiving Bailout Billions Have Laid Off Staff and Paid Investors

“The Bank of England talks a big game about a green recovery and building back better, but it’s not putting its money where its mouth is,” says Simon Youel, Head of Policy & Advocacy at Positive Money.

“Instead,” Youel says, “the Bank has been bailing out big polluters and bad bosses with no strings attached. The Bank’s argument that it’s prioritising jobs might hold up if these corporations weren’t also paying out dividends and laying off workers, precisely because of the lack of conditions to the billion of pounds of support they’re getting. To save jobs and the planet, we need to take this opportunity to demand something in return.”

VICE News, 4 August 2020

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Two-thirds of Brits think coronavirus bailouts should have strings attached

“Financial campaign group Positive Money and pollster Yougov found that 63 per cent of the UK public thinks coronavirus bailouts should come with social and environmental strings attached.”

City AM, 2 July 2020

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Bank of England told to ‘put its money where its mouth is’ on climate change

“Fran Boait, executive director of Positive Money, said it was “disappointing” the Bank of England was using “newly created public money [to] support companies who are driving us towards irreversible climate breakdown.”

Yahoo Finance UK, 19 June 2020

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Covid-19 relief for fossil fuel industries risks green recovery plans

“The Bank of England’s failure to lead by example in greening its activities risks seriously undermining the UK’s efforts to show global leadership on climate through Cop26,” said Fran Boait, executive director of the pressure group Positive Money. “It would be farcical if the institution underpinning Britain’s financial system is still pumping money towards companies whose business models are utterly incompatible with global emissions targets.”

The Guardian, 6 June 2020

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Airlines and carmakers benefit from UK Covid relief scheme

“In return for assistance on such generous terms, we the public can demand better,” said Fran Boait, executive director of the pressure group Positive Money. “We really need to ask whether we should be propping up climate criminals and bad bosses with public money. The government must consider whether conditions which would stop firms laying off workers, avoiding tax and fuelling the climate crisis should be applied to these bailouts.”

The Guardian, 5 June 2020

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BoE governor Andrew Bailey: Fiscal stimulus should keep climate change in mind

“Yet campaign group Positive Money criticised the Bank, which has been supporting airlines, chemicals firms and other polluters throughout the crisis.”

City AM, 5 June 2020

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Coronavirus: Airlines among businesses given Bank of England bailouts

“Campaign group Positive Money said: “The fact so many household name brands are drawing on the Bank of England’s bailout scheme, to the tune of billions, reveals just how much big corporations are reliant on the state for survival. In return for assistance on such generous terms, we the public can demand better.”

Sky News, 4 June 2020

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AstraZeneca deal boosts potential Covid-19 vaccine supply to 2bn doses – as it happened

“Campaign group Positive Money has accused the Bank of England and Treasury of “propping up climate criminals and bad bosses with public money,” through the CCFF.”

The Guardian, 4 June 2020

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Bank of England to name recipients of coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, which has campaigned for greater transparency, said the CCFF “was serving as a secret bailout vehicle, allowing Britain’s biggest corporations to access public money without the public having to know”.”

City AM, 19 May 2020

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UK economy shrinks 2% due to coronavirus crisis in worst fall since 2008

“Fran Boait, executive director of Positive Money, said: “As GDP continues to fall policymakers will be increasingly tempted to accelerate the easing of emergency public health measures in order to get the economy growing again. There is a clear tension between this dash for growth and public health, as illustrated by the government’s eagerness to get workers back to workplaces regardless of whether it is safe.

“The evidence shows that the vast majority of the public think we should worry more about people’s health and wellbeing than GDP growth during this crisis. The government should not pay too much attention to today’s statistics and instead put public health ahead of private wealth.””

The Mirror, 13 May 2020

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Our recovery from this crisis must put people and environment ahead of economic growth

“Moreover, as a new report from Positive Money explains, thinking of policy-making in terms of GDP growth in general is deeply misguided, and does no good for people nor planet.”

PoliticsHome, 13 May 2020

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Quality of life measures should replace GDP as UK priority, public says in poll

“The online poll, commissioned by the campaign group Positive Money and conducted by YouGov, asked 2,061 adults what the UK should prioritise during the Covid-19 pandemic.”

The Independent, 11 May 2020

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Wellbeing should be put above economic growth, says poll

“As the Prime Minister delivers the message that people can return to work if they cannot do their job from home, Positive Money and YouGov revealed the results of their poll which found just one in 10 people think the UK should prioritise economic growth over health and wellbeing.”

The Big Issue, 11 May 2020

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Let’s not forget lessons learnt in lockdown

“At the start of the month a YouGov poll, commissioned by the pressure group Positive Money, found that six in ten Britons want the government, post-virus, to focus more on our health and wellbeing than on our economy and wealth.”

The Times, 11 May 2020

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Coronavirus: Only 12% of Brits want UK to prioritise economic growth over wellbeing

“An overwhelming majority (82%) want indicators of the UK’s quality of life to come before economic growth, according to the poll of 2,061 UK adults conducted by YouGov on behalf of campaign group Positive Money.”

Yahoo Finance UK, 11 May 2020

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Eight out of ten Britons demand quality of life takes priority over economic growth on way out of Covid-19 lockdown despite warnings it could cause GDP to slump by nearly 30 per cent

Fran Boait, executive director of Positive Money, which commissioned the research, said: ‘It’s clear the vast majority of the public think we should worry more about people’s health and wellbeing than economic growth.

‘The government must not be tempted to pursue policies that would boost GDP at the expense of lives, wellbeing and the environment.’

Daily Mail, 11 May 2020

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Britons want quality of life indicators to take priority over economy

“Positive Money, the campaigning group that commissioned the research, said the poll showed that the government should publish statistics on social indicators, health, the environment and quality of life to give a truer picture of the UK’s status and help policymakers better target what the public wants.”

The Guardian, 10 May 2020

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Digital cash issued centrally ‘would help in crises like coronavirus pandemic’

“Positive Money, a not-for-profit research company funded by charitable trusts and foundations, said central banks such as the Bank of England should issue it to help support trust in money.”

Yahoo Finance, 23 April 2020

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Bank of England ‘failing climate’ with Covid-19 stimulus programme

“Positive Money, a campaign group, said the purchases of oil company bonds broke the promises of Andrew Bailey, the new Bank of England governor, who last month told MPs there was a “very strong argument” for excluding fossil fuel companies from the purchases.”

The Guardian, 16 April 2020

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Hedge funds profiting from Covid-19 ‘must give more back’

“Fran Boait of campaign group Positive Money said: “Regulators must take a tougher line against financial profiteering during the pandemic.””

Evening Standard, 15 April 2020

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Bank of England to directly finance UK government’s extra spending

“Fran Boait, executive director of Positive Money, an advocacy group, said: “This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance its spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

Financial Times, 9 April 2020

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Coronavirus: Government expands its overdraft in preparation for economic fallout

“Fran Boait, executive director of Positive Money, said: “Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.”

Sky News, 9 April 2020

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Bank of England to finance UK government Covid-19 crisis spending

“Fran Boait, executive director of the campaign group Positive Money said: “It is welcome that the Bank of England is using its power to create money to directly finance government spending, after denying that such a tool was on the table.

“Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.””

The Guardian, 9 April 2020

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Bank of England extends Government’s emergency overdraft account amid coronavirus crisis

“Fran Boait of the pressure group Positive Money argued the extension of the W&M account represents a shift in policy.

“This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance and spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

The Independent, 9 April 2020

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UK economy shrunk before coronavirus pandemic in February, latest figures show

“Fran Boait, executive director of Positive Money, said: “There is a risk that as growth figures get worse, the Government will be pressured to relax coronavirus prevention measures to get the economy going again, at the expense of lives.

“Doing so would be dangerous. The Government needs to put the health of the public ahead of the growth of the economy.””

The Independent, 9 April 2020

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Banks under fire over personal guarantees on coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, called for more action from the government and said: “Banks must not be allowed to exploit this crisis to their benefit.”

Yahoo Finance UK, 26 March 2020

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ANALYSIS-Cash in hand: Could basic income protect livelihoods in coronavirus crisis?

““There is a realisation it would be a good way of ensuring people’s safety nets are covered and therefore they can follow public health advice to stay at home more easily,” said Fran Boait, executive director of British think tank Positive Money.”

Reuters, 25 March 2020

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ESG in the coronavirus chaos; ‘world on fire’; where’s the BRT?

“The new governor Andrew Bailey has pledged to decarbonise the Bank of England’s balance sheet, so he must stick to his word by not buying any high-carbon assets through this new round of corporate QE,” said Fran Boait, executive director of Positive Money. “The response to the coronavirus crisis must not jeopardise the response to the climate crisis.””

Financial Times, 20 March 2020

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Bank of England could provide money DIRECTLY to workers and businesses as new governor Andrew Bailey urges under-pressure UK firms to ‘talk to us’ before axing staff amid coronavirus crisis

“Fran Boait, executive director of Positive Money, a pressure group seeking reform in finance, said the Bank’s action was welcome but she warned it may not help those most in need.”

Daily Mail, 18 March 2020

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Carney sees big challenges as BoE eyes ‘digital banknotes’

“The BoE’s move was welcomed by think-tank Positive Money, which is critical of commercial banks’ lending policies.

“The government and central bank must continue to work together to accelerate efforts to issue a digital currency before they are beaten to it by the likes of Facebook,” Positive Money’s head of policy David Clarke said.”

Reuters, 12 March 2020

 

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Climate change: the chancellor should invest in the transition

“This week I was invited to sign a letter to the new governor of the Bank of England, asking him to make our monetary policy appropriate for the climate emergency we are living through. The Bank creates some of our currency by buying company assets, including of fossil fuel companies. So I was delighted that following this request by Positive Money, the New Economics Foundation and others, Andrew Bailey agreed with the Treasury select committee that the Bank’s portfolio should reflect the government’s commitment to carbon neutrality.”

The Times, 11 March 2020

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Carney says banks could be penalised if they hold polluting assets

“David Clarke, head of policy at Positive Money, a pressure group seeking reform in finance, said the policy would be a “game-changer” by helping to stem the flow of cheap credit into fossil fuels. “As the institution overseeing and underpinning our financial system, the central bank must use all of the tools at its disposal to shift finance in line with the government’s climate goals,” he added.”

The Telegraph, 10 March 2020

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Bank of England could penalise banks for polluting assets

“Positive Money, a climate campaign group, said it welcomed Carney’s comments.

“The Bank of England introducing a brown-penalising factor would be a game-changer in the battle to decarbonise our economy, as it would help stem the huge flow of cheap credit our financial system is pouring into fossil fuels,” said David Clarke, head of policy at Positive Money.”

City AM, 10 March 2020

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Spend £8bn to kickstart plan to decarbonise economy, chancellor told

“Fran Boait, executive director of Positive Money, one of the sponsors of the letter, said: “The investments made by our financial system today determine whether we will be able to keep global temperature rises below the 1.5C upper safe limit. Finance is currently funding warming of more than 4C, which represents an existential threat not only to finance and the economy, but to life on earth.”

The Guardian, 4 March 2020

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Andrew Bailey urged to keep climate focus at Bank of England

“The campaign and research groups, which include Positive Money, the New Economics Foundation and Greenpeace, also called for the Bank to exclude fossil fuel assets from future rounds of its bond buying programme.”

City AM, 3 March 2020

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New Bank of England chief told: Make climate change top priority

“Positive Money, a not-for-profit campaign group set up in the wake of the financial crisis, coordinated the letter, which has been signed by over 100 academics, scientists, and public figures.”

Yahoo Finance, 3 March 2020

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John McDonnell says Treasury committee will now be ‘toothless’

“Fran Boait, executive director of the campaign group Positive Money, which acts to pressure financial regulators and the industry to serve societal interests, said that it was important for members of the committee to “prove they are able to stand up for the public interest”.”

The Guardian, 1 March 2020

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How Help to Buy could return to haunt the Conservatives

For one thing, as noted, this meant pumping more money into the housing market, leading critics to attack the scheme as – in the words of Fran Boait, executive director of Positive money – “a subsidy for a housing bubble, benefiting property developers and existing homeowners”.

New Statesman, 26 February 2020

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Bank of England chief cashier signals support for official cryptocurrency

“Fran Boait, executive director of Positive Money, warned that digital currencies launched by the private sector, such as Libra, are “ unaccountable”, “undemocratic” and “with no oversight”.

“Technology is moving on very fast so central banks are very alert to the fact that they could risk handing over complete control of our management of money,” she added.””

The Telegraph, 22 February 2020

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Dream of a ‘cashless society’ loses currency for consumers left out in cold by digital payments

“This is not just from a change in consumer preferences,” says David Clarke, head of policy at Positive Money.

“It is being very much driven by banks and card companies, in particular through banks closing branches and withdrawing funding for the cash machine network.”

The Telegraph, 19 February 2020

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RBS tries to shake off toxic past with NatWest rename

“Fran Boait of think tank Positive Money said it “remains to be seen whether this rebrand is really about doing things differently or whether it’s just a superficial name change” adding that the bank has been “the poster child for the worst excesses in the banking sector”.”

The Telegraph, 14 February 2020

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Bank attacked over fossil fuel holdings

“Positive Money, a green pressure group, has been pushing for the Bank to clean up its own portfolio. Fran Boait, executive director, said: “The Bank has refused to consider divesting its own portfolio from fossil fuels.””

The Times, 10 February 2020

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Most people don’t trust big tech companies to issue digital currencies, survey finds

““With the decline of physical notes and coins, we risk handing complete control over the issuance and management of our money to a small group of banks, payment companies and now tech giants,” said Fran Boait, executive director of Positive Money.”

City AM, 5 February 2020

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 2019

 

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

UK Landlords Dodging an Estimated £1.73 Billion in Tax

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “By letting landlords off the hook on tax avoidance, the government is once again showing that it is more interested in looking after the interests of banks and property owners rather than the workers and renters who face the threat of unemployment and eviction as the furlough scheme and eviction freeze comes to an end.””

VICE News, 19 August 2020

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War on cash must end to stem the misery for elderly and vulnerable who need it

“Worryingly, with the Covid-19 pandemic, this war on cash is now being fought on two fronts. Not only are people finding it harder to withdraw cash, but they are also finding it harder to use it, with many retailers insisting that people pay via card. This is despite the scientific evidence showing that cash poses no particular risk of virus transmission, and that banknotes may actually be safer than frequently touched surfaces such as card terminals.”

Daily Express, 18 August 2020

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The UK Government Has Bailed Out Companies Complicit in Human Rights Abuses and Environmental Destruction

“Simon Youel, head of policy and advocacy at Positive Money, told VICE News, “The Arctic is on fire and millions are facing unemployment and destitution, but the British state has prioritised giving billions of pounds in special no-strings-attached support to the very corporations driving these crises, including fossil fuel firms and companies laying off tens of thousands of workers.

“Rather than simply propping up socially and environmentally destructive business models, we could be using the leverage we have here to force these companies to clean up their game, to protect jobs and climate. Even better, these billions could instead be invested in creating new industries and jobs which aren’t based on the exploitation of people and planet.”

VICE News, 17 August 2020

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Gearing up for green protests — Second wave fears — Computers rule

“Activists are not only targeting governments with their calls to green the pandemic recovery — but also central banks. On Thursday, campaigners with advocacy group Positive Money called on Bank of England governor Andrew Bailey to stick to his pledges to build a greener economy, as Britain’s central bank released its latest monetary policy and financial stability reports.”

POLITICO, 7 August 2020

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Bank of England warns UK unemployment will hit 2.5m after Covid-19 slump

“Rachel Oliver, head of campaigns and organising at Positive Money, is also challenging the Bank of England to clean up its game:

“In March Andrew Bailey told us that decarbonising the Bank’s policies was a priority. But he’s since gone back on his word, funneling billions of pounds towards companies wrecking our planet and laying off workers. We’re here to encourage him to make the most of this opportunity for a green recovery so that the Covid crisis isn’t followed by an even bigger climate crisis.””

The Guardian, 6 August 2020

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Corporations Receiving Bailout Billions Have Laid Off Staff and Paid Investors

“The Bank of England talks a big game about a green recovery and building back better, but it’s not putting its money where its mouth is,” says Simon Youel, Head of Policy & Advocacy at Positive Money.

“Instead,” Youel says, “the Bank has been bailing out big polluters and bad bosses with no strings attached. The Bank’s argument that it’s prioritising jobs might hold up if these corporations weren’t also paying out dividends and laying off workers, precisely because of the lack of conditions to the billion of pounds of support they’re getting. To save jobs and the planet, we need to take this opportunity to demand something in return.”

VICE News, 4 August 2020

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Two-thirds of Brits think coronavirus bailouts should have strings attached

“Financial campaign group Positive Money and pollster Yougov found that 63 per cent of the UK public thinks coronavirus bailouts should come with social and environmental strings attached.”

City AM, 2 July 2020

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Bank of England told to ‘put its money where its mouth is’ on climate change

“Fran Boait, executive director of Positive Money, said it was “disappointing” the Bank of England was using “newly created public money [to] support companies who are driving us towards irreversible climate breakdown.”

Yahoo Finance UK, 19 June 2020

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Covid-19 relief for fossil fuel industries risks green recovery plans

“The Bank of England’s failure to lead by example in greening its activities risks seriously undermining the UK’s efforts to show global leadership on climate through Cop26,” said Fran Boait, executive director of the pressure group Positive Money. “It would be farcical if the institution underpinning Britain’s financial system is still pumping money towards companies whose business models are utterly incompatible with global emissions targets.”

The Guardian, 6 June 2020

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Airlines and carmakers benefit from UK Covid relief scheme

“In return for assistance on such generous terms, we the public can demand better,” said Fran Boait, executive director of the pressure group Positive Money. “We really need to ask whether we should be propping up climate criminals and bad bosses with public money. The government must consider whether conditions which would stop firms laying off workers, avoiding tax and fuelling the climate crisis should be applied to these bailouts.”

The Guardian, 5 June 2020

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BoE governor Andrew Bailey: Fiscal stimulus should keep climate change in mind

“Yet campaign group Positive Money criticised the Bank, which has been supporting airlines, chemicals firms and other polluters throughout the crisis.”

City AM, 5 June 2020

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Coronavirus: Airlines among businesses given Bank of England bailouts

“Campaign group Positive Money said: “The fact so many household name brands are drawing on the Bank of England’s bailout scheme, to the tune of billions, reveals just how much big corporations are reliant on the state for survival. In return for assistance on such generous terms, we the public can demand better.”

Sky News, 4 June 2020

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AstraZeneca deal boosts potential Covid-19 vaccine supply to 2bn doses – as it happened

“Campaign group Positive Money has accused the Bank of England and Treasury of “propping up climate criminals and bad bosses with public money,” through the CCFF.”

The Guardian, 4 June 2020

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Bank of England to name recipients of coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, which has campaigned for greater transparency, said the CCFF “was serving as a secret bailout vehicle, allowing Britain’s biggest corporations to access public money without the public having to know”.”

City AM, 19 May 2020

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UK economy shrinks 2% due to coronavirus crisis in worst fall since 2008

“Fran Boait, executive director of Positive Money, said: “As GDP continues to fall policymakers will be increasingly tempted to accelerate the easing of emergency public health measures in order to get the economy growing again. There is a clear tension between this dash for growth and public health, as illustrated by the government’s eagerness to get workers back to workplaces regardless of whether it is safe.

“The evidence shows that the vast majority of the public think we should worry more about people’s health and wellbeing than GDP growth during this crisis. The government should not pay too much attention to today’s statistics and instead put public health ahead of private wealth.””

The Mirror, 13 May 2020

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Our recovery from this crisis must put people and environment ahead of economic growth

“Moreover, as a new report from Positive Money explains, thinking of policy-making in terms of GDP growth in general is deeply misguided, and does no good for people nor planet.”

PoliticsHome, 13 May 2020

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Quality of life measures should replace GDP as UK priority, public says in poll

“The online poll, commissioned by the campaign group Positive Money and conducted by YouGov, asked 2,061 adults what the UK should prioritise during the Covid-19 pandemic.”

The Independent, 11 May 2020

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Wellbeing should be put above economic growth, says poll

“As the Prime Minister delivers the message that people can return to work if they cannot do their job from home, Positive Money and YouGov revealed the results of their poll which found just one in 10 people think the UK should prioritise economic growth over health and wellbeing.”

The Big Issue, 11 May 2020

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Let’s not forget lessons learnt in lockdown

“At the start of the month a YouGov poll, commissioned by the pressure group Positive Money, found that six in ten Britons want the government, post-virus, to focus more on our health and wellbeing than on our economy and wealth.”

The Times, 11 May 2020

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Coronavirus: Only 12% of Brits want UK to prioritise economic growth over wellbeing

“An overwhelming majority (82%) want indicators of the UK’s quality of life to come before economic growth, according to the poll of 2,061 UK adults conducted by YouGov on behalf of campaign group Positive Money.”

Yahoo Finance UK, 11 May 2020

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Eight out of ten Britons demand quality of life takes priority over economic growth on way out of Covid-19 lockdown despite warnings it could cause GDP to slump by nearly 30 per cent

Fran Boait, executive director of Positive Money, which commissioned the research, said: ‘It’s clear the vast majority of the public think we should worry more about people’s health and wellbeing than economic growth.

‘The government must not be tempted to pursue policies that would boost GDP at the expense of lives, wellbeing and the environment.’

Daily Mail, 11 May 2020

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Britons want quality of life indicators to take priority over economy

“Positive Money, the campaigning group that commissioned the research, said the poll showed that the government should publish statistics on social indicators, health, the environment and quality of life to give a truer picture of the UK’s status and help policymakers better target what the public wants.”

The Guardian, 10 May 2020

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Digital cash issued centrally ‘would help in crises like coronavirus pandemic’

“Positive Money, a not-for-profit research company funded by charitable trusts and foundations, said central banks such as the Bank of England should issue it to help support trust in money.”

Yahoo Finance, 23 April 2020

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Bank of England ‘failing climate’ with Covid-19 stimulus programme

“Positive Money, a campaign group, said the purchases of oil company bonds broke the promises of Andrew Bailey, the new Bank of England governor, who last month told MPs there was a “very strong argument” for excluding fossil fuel companies from the purchases.”

The Guardian, 16 April 2020

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Hedge funds profiting from Covid-19 ‘must give more back’

“Fran Boait of campaign group Positive Money said: “Regulators must take a tougher line against financial profiteering during the pandemic.””

Evening Standard, 15 April 2020

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Bank of England to directly finance UK government’s extra spending

“Fran Boait, executive director of Positive Money, an advocacy group, said: “This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance its spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

Financial Times, 9 April 2020

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Coronavirus: Government expands its overdraft in preparation for economic fallout

“Fran Boait, executive director of Positive Money, said: “Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.”

Sky News, 9 April 2020

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Bank of England to finance UK government Covid-19 crisis spending

“Fran Boait, executive director of the campaign group Positive Money said: “It is welcome that the Bank of England is using its power to create money to directly finance government spending, after denying that such a tool was on the table.

“Direct monetary financing allows the government to deliver the necessary spending to save lives, while reassuring the public that they will not be overburdened with future debt repayments.””

The Guardian, 9 April 2020

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Bank of England extends Government’s emergency overdraft account amid coronavirus crisis

“Fran Boait of the pressure group Positive Money argued the extension of the W&M account represents a shift in policy.

“This use of direct monetary financing demonstrates once and for all that the government does not depend on the market to finance and spending. Hopefully now we can have an honest debate about how our collective resources should be allocated.””

The Independent, 9 April 2020

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UK economy shrunk before coronavirus pandemic in February, latest figures show

“Fran Boait, executive director of Positive Money, said: “There is a risk that as growth figures get worse, the Government will be pressured to relax coronavirus prevention measures to get the economy going again, at the expense of lives.

“Doing so would be dangerous. The Government needs to put the health of the public ahead of the growth of the economy.””

The Independent, 9 April 2020

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Banks under fire over personal guarantees on coronavirus loans

“Fran Boait, executive director of campaign group Positive Money, called for more action from the government and said: “Banks must not be allowed to exploit this crisis to their benefit.”

Yahoo Finance UK, 26 March 2020

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ANALYSIS-Cash in hand: Could basic income protect livelihoods in coronavirus crisis?

““There is a realisation it would be a good way of ensuring people’s safety nets are covered and therefore they can follow public health advice to stay at home more easily,” said Fran Boait, executive director of British think tank Positive Money.”

Reuters, 25 March 2020

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ESG in the coronavirus chaos; ‘world on fire’; where’s the BRT?

“The new governor Andrew Bailey has pledged to decarbonise the Bank of England’s balance sheet, so he must stick to his word by not buying any high-carbon assets through this new round of corporate QE,” said Fran Boait, executive director of Positive Money. “The response to the coronavirus crisis must not jeopardise the response to the climate crisis.””

Financial Times, 20 March 2020

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Bank of England could provide money DIRECTLY to workers and businesses as new governor Andrew Bailey urges under-pressure UK firms to ‘talk to us’ before axing staff amid coronavirus crisis

“Fran Boait, executive director of Positive Money, a pressure group seeking reform in finance, said the Bank’s action was welcome but she warned it may not help those most in need.”

Daily Mail, 18 March 2020

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Carney sees big challenges as BoE eyes ‘digital banknotes’

“The BoE’s move was welcomed by think-tank Positive Money, which is critical of commercial banks’ lending policies.

“The government and central bank must continue to work together to accelerate efforts to issue a digital currency before they are beaten to it by the likes of Facebook,” Positive Money’s head of policy David Clarke said.”

Reuters, 12 March 2020

 

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Climate change: the chancellor should invest in the transition

“This week I was invited to sign a letter to the new governor of the Bank of England, asking him to make our monetary policy appropriate for the climate emergency we are living through. The Bank creates some of our currency by buying company assets, including of fossil fuel companies. So I was delighted that following this request by Positive Money, the New Economics Foundation and others, Andrew Bailey agreed with the Treasury select committee that the Bank’s portfolio should reflect the government’s commitment to carbon neutrality.”

The Times, 11 March 2020

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Carney says banks could be penalised if they hold polluting assets

“David Clarke, head of policy at Positive Money, a pressure group seeking reform in finance, said the policy would be a “game-changer” by helping to stem the flow of cheap credit into fossil fuels. “As the institution overseeing and underpinning our financial system, the central bank must use all of the tools at its disposal to shift finance in line with the government’s climate goals,” he added.”

The Telegraph, 10 March 2020

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Bank of England could penalise banks for polluting assets

“Positive Money, a climate campaign group, said it welcomed Carney’s comments.

“The Bank of England introducing a brown-penalising factor would be a game-changer in the battle to decarbonise our economy, as it would help stem the huge flow of cheap credit our financial system is pouring into fossil fuels,” said David Clarke, head of policy at Positive Money.”

City AM, 10 March 2020

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Spend £8bn to kickstart plan to decarbonise economy, chancellor told

“Fran Boait, executive director of Positive Money, one of the sponsors of the letter, said: “The investments made by our financial system today determine whether we will be able to keep global temperature rises below the 1.5C upper safe limit. Finance is currently funding warming of more than 4C, which represents an existential threat not only to finance and the economy, but to life on earth.”

The Guardian, 4 March 2020

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Andrew Bailey urged to keep climate focus at Bank of England

“The campaign and research groups, which include Positive Money, the New Economics Foundation and Greenpeace, also called for the Bank to exclude fossil fuel assets from future rounds of its bond buying programme.”

City AM, 3 March 2020

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New Bank of England chief told: Make climate change top priority

“Positive Money, a not-for-profit campaign group set up in the wake of the financial crisis, coordinated the letter, which has been signed by over 100 academics, scientists, and public figures.”

Yahoo Finance, 3 March 2020

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John McDonnell says Treasury committee will now be ‘toothless’

“Fran Boait, executive director of the campaign group Positive Money, which acts to pressure financial regulators and the industry to serve societal interests, said that it was important for members of the committee to “prove they are able to stand up for the public interest”.”

The Guardian, 1 March 2020

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How Help to Buy could return to haunt the Conservatives

For one thing, as noted, this meant pumping more money into the housing market, leading critics to attack the scheme as – in the words of Fran Boait, executive director of Positive money – “a subsidy for a housing bubble, benefiting property developers and existing homeowners”.

New Statesman, 26 February 2020

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Bank of England chief cashier signals support for official cryptocurrency

“Fran Boait, executive director of Positive Money, warned that digital currencies launched by the private sector, such as Libra, are “ unaccountable”, “undemocratic” and “with no oversight”.

“Technology is moving on very fast so central banks are very alert to the fact that they could risk handing over complete control of our management of money,” she added.””

The Telegraph, 22 February 2020

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Dream of a ‘cashless society’ loses currency for consumers left out in cold by digital payments

“This is not just from a change in consumer preferences,” says David Clarke, head of policy at Positive Money.

“It is being very much driven by banks and card companies, in particular through banks closing branches and withdrawing funding for the cash machine network.”

The Telegraph, 19 February 2020

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RBS tries to shake off toxic past with NatWest rename

“Fran Boait of think tank Positive Money said it “remains to be seen whether this rebrand is really about doing things differently or whether it’s just a superficial name change” adding that the bank has been “the poster child for the worst excesses in the banking sector”.”

The Telegraph, 14 February 2020

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Bank attacked over fossil fuel holdings

“Positive Money, a green pressure group, has been pushing for the Bank to clean up its own portfolio. Fran Boait, executive director, said: “The Bank has refused to consider divesting its own portfolio from fossil fuels.””

The Times, 10 February 2020

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Most people don’t trust big tech companies to issue digital currencies, survey finds

““With the decline of physical notes and coins, we risk handing complete control over the issuance and management of our money to a small group of banks, payment companies and now tech giants,” said Fran Boait, executive director of Positive Money.”

City AM, 5 February 2020

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 2019

 

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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‘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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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“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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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