A bankers’ budget

LONDON – Friday 23rd September 2o22

Responding to today’s Mini Budget, Fran Boait, executive director of research and campaign group Positive Money, commented: 

“This is not a cost of living budget, it’s a bankers’ budget. At a time when ordinary families are choosing between heating and eating, the Chancellor has chosen to focus on handouts for the City of London, landlords and the wealthy. This should come as no surprise given the financial lobby spent over £17 million on influencing politics in 2020 and 2021, and that 20% of Conservative Party donations come from property tycoons.

“Further inflating housing bubbles and relying on growth trickling down from the City of London will not lead to greater prosperity for most people, as we’ve seen time and time again. 

“Rather than giveaways for the richest, a much better use of borrowing would be public investment, especially in renewable energy and retrofits, which would help bring down bills and guarantee energy security.”

Notes

• The Growth Plan 2022 speech: https://www.gov.uk/government/speeches/the-growth-plan-2022-speech 

• The financial lobby spent over £17 million on influencing politics in 2020 and 2021. Positive Money report, “The Power of Big Finance”: https://positivemoney.org/publications/the-power-of-big-finance/ 

• “20% of Tory donations come from property tycoons”, Open Democracy, July 2021: https://www.opendemocracy.net/en/dark-money-investigations/20-tory-donations-come-property-tycoons/ 

• Positive Money is a research and campaign organisation working towards a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, we are a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org.uk.

• Contacts: to speak to a spokesperson or for further information please email press@positivemoney.org.uk or call Simon Youel on 07817765517.