Autumn Budget 2024: Positive Money response

London, 30 October 2024

Responding to the changing of the UK’s fiscal rules, Fran Boait, Co-Executive Director at Positive Money, said: 

 “For years the UK’s fiscal rules have hampered public investment, resulting in crumbling infrastructure and our reliance on fossil fuels that have driven a cost of living crisis. 

“As well as direct public investment in schools and hospitals, the new National Wealth Fund could be crucial in channelling the billions that have been unlocked by this move.

“The Government should now take this opportunity to scale up the National Wealth Fund to make it truly impactful, while ensuring that it prioritises tackling climate change and delivering good jobs, rather than handouts for private investors.”

Notes 

• The Chancellor’s Autumn Statement: https://www.gov.uk/government/news/chancellor-chooses-a-budget-to-rebuild-britain 

• “Bank of England falls behind other central banks on climate action”, 26th September, 2024: https://positivemoney.org/press-release/bank-of-england-falls-behind-other-central-banks-on-climate-action/ 

• “Labour urged to place trade union members on wealth fund board”, 2nd September, 2024: https://www.theguardian.com/business/article/2024/sep/02/trade-union-members-wealth-fund-board-labour 

• Positive Money’s report, “A National Wealth Fund for a just, green transition” calls for the National Wealth Fund’s mandate to prioritise a just transition, and for the fund to be democratically governed: https://positivemoney.org/publications/a-national-wealth-fund-for-a-just-green-transition/ 

• “Windfall tax on bank profits could raise £15bn in 2024”, 29th October 2024: https://positivemoney.org/press-release/windfall-tax-on-bank-profits-could-raise-ps15bn-in-2024/ 

About 

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.  

For additional comment or to speak to a spokesperson, please contact press@positivemoney.org.uk.

ENDS.