We provide practical recommendations to policymakers and regulators on measures to promote a money and banking system that supports a fair, democratic and sustainable economy. Below are some of our most recent policy briefings and consultation submissions.
Future Regulatory Framework (FRF) Review: Proposals for Reform
February 2022
Positive Money’s response to HM Treasury’s consultation on proposals for the Future Regulatory Framework for financial services. Our submission urges against giving regulators new objectives for growth and competitiveness, and puts forward alternative objectives which could help ensure finance better serves society.
Briefing on the risks of ‘competitiveness’ objective for financial regulation
January 2022
The Treasury’s Financial Services Future Regulatory Framework Review is looking into the rules for UK financial services. The Balanced Economy Project and Positive Money collaborated on this 1-page briefing, explaining why the proposed ‘competitiveness’ objective for regulators should be opposed.
Access to Cash consultation
July 2021
Positive Money’s response to HM Treasury’s consultation on Access to Cash, which asked respondents to put forward views on the government’s legislative proposals for protecting cash access, and ran from 1 July to 23 September 2021. The consultation publication and accompanying impact assessment are available here.
New Forms of Digital Money
June 2021
Positive Money’s response to the Bank of England’s “New Forms of Digital Money” discussion paper. The original paper, including the questions for discussion, can be found on the Bank of England’s website here.
UK regulatory approach to cryptoassets and stablecoins
March 2021
Our response to HM Treasury’s consultation on the UK’s regulatory approach to cryptoassets and stablecoins. We recommend a regulatory convergence between stable tokens, e-money and bank deposits to ensure a level playing field of high standards to protect financial stability and users.
Call for evidence on Access to Cash
November 2020
Our response to the HM Treasury call for evidence on access to cash. It recommends that the government protects access to cash through a widespread free-to-use ATM network, and ensures the right to pay with it across the economy.
Economic impact of coronavirus inquiry
June 2020
We responded to the Treasury Select Committee’s inquiry into the economic impact of coronavirus, setting out how the Treasury and Bank of England’s response to the covid crisis could be improved, and making the case for direct monetary financing of public spending.
Central Bank Digital Currency: Opportunities, challenges and design
June 2020
We made a formal response to the Bank of England’s first discussion paper on Central Bank Digital Currency (CBDC), making the case for CBDC to be designed to complement cash, and to lay the foundation for a public payments system.
Corporate QE and the Covid Corporate Financing Facility (CCFF)
April 2020
This briefing, prepared 8 April 2020, outlines why the Bank of England’s corporate quantitative easing programme should exclude fossil fuels, and how big businesses are also being bailed out behind the scenes with public money through the new Covid Corporate Financing Facility.
Decarbonisation of the UK Economy and Green Finance inquiry
July 2019
We responded to the Treasury Select Committee’s inquiry into the decarbonisation of the UK economy and green finance, setting out the shortcomings of the Treasury’s current strategy and providing recommendations for greening our financial system and closing the green investment gap.
FCA discussion paper: climate change and green finance
February 2019
We responded to the FCA’s discussion paper on climate change and green finance, arguing that the FCA must work urgently with other regulators to address climate risk across the financial system.
Consumers’ access to financial services
December 2018
We responded to the Treasury Select Committee’s inquiry into access to financial services for vulnerable consumers, arguing that certain groups will lose out if banks and card companies are successful in restricting the public’s access to cash.
Cash machines closing at a record rate
November 2018
This policy briefing examines new figures showing that cash machines are closing at a record rate, and proposes that the Payment Systems Regulator take steps to stop the closures.
Climate risk and monetary policy
November 2018
This policy briefing argues that the Bank’s monetary policy operations are currently failing to take account of the risks posed by climate change, and proposes that climate risk should be incorporated into its collateral framework and asset purchases.
Access to Cash Review
September 2018
We responded to the Access to Cash Review call for evidence, arguing that there will remain a strong demand for people to use cash, and that the government should give the Payment Systems Regulator the job of protecting people’s access to cash.
Green reform of the Bank of England
May 2018
This policy briefing argues that the Bank of England could play a pivotal role in raising green investment in the UK, and that reform to its mandate is necessary to empower the Bank to have a beneficial impact on the environment.
Digital currencies
May 2018
We responded to the Treasury Select Committee’s inquiry into digital currencies, arguing that the Bank of England should introduce a central bank digital currency. Doing so would address some of the problems associated with the decline of cash, make the payments system more resilient and could promote competition and innovation in payments and current accounts.
Impact and effectiveness of monetary policy
April 2017
We responded to the Treasury Select Committee’s inquiry into the impact and effectiveness of post-2008 monetary policy, arguing that quantitative easing has worsened wealth inequality and contributed to the unaffordability of housing. We made the case for fairer and more sustainable monetary policy tools.