Chancellor's Conference Speech: Positive Money response

Sara Hall, Co-Executive Director of Positive Money, said:

“It was disappointing to see the Chancellor repeating austerity-era lines about there being “no money left” for public investment - there is plenty of money for the things we need, it’s just that too much is being funnelled into the pockets of shareholders at present.

“If the Chancellor wants to exercise strict fiscal discipline, this should be directed at the banks, which are enjoying huge handouts at the Treasury’s expense, thanks to the higher interest being paid on their risk-free reserves. A windfall tax on their record profits could deliver genuine breathing space to families and businesses.

“And if the Chancellor wants to truly reindustrialise Britain, he should empower public corporations like the National Wealth Fund and GB Energy to borrow against future revenues. This is a model which Britain successfully pioneered in the past, and which remains the norm in other countries.”

Contact:

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About Positive Money:

Positive Money is an international research and campaign organisation working to redesign our economic system for social justice and a liveable planet. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of supporters. Find out more: www.positivemoney.org   

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