EXPOSED: details behind the Bank of England’s broken bailout scheme
We already knew the Bank of England was bailing out big polluters and bad bosses but our new report exposes all the alarming details. Of the 63 companies who’ve taken almost £19 billion in public money so far, 39% have cut 34,000 jobs and 56% of the money has gone to high-carbon companies, like airlines, car makers, and oil and gas companies. Demand an end to these no-string-attached bailouts, by adding your name to our petition here.
8 out of 10 agree: public health before economic growth
It’s official: a majority of people want the government to prioritise health and wellbeing over economic growth during the coronavirus crisis, and most still want to even when this pandemic is over – a YouGov polling we commissioned has revealed. Read more about it here.
The answer to Covid-19 is direct monetary financing
The Bank of England has the power to create new money in the economy, and they’ve been using this to buy government bonds off of private financial institutions to help fund the Treasury’s coronavirus spending. But – if they gave the money directly to government instead – the Treasury could spend without going further into debt and politicians would no longer be able to pretend that they need to claw that spending back with draconian austerity measures once the crisis is over.
Covid-19 proves existence of the magic money tree
To tackle Covid-19, the government announced billions of pounds of new spending. But after over a decade of austerity, how could they afford to pay for all this? Because there really is a magic money tree: it’s called the Bank of England.
Covid-19 reveals huge flaws in our economic system
In responding to coronavirus the Bank of England began by slashing interest rates and encouraging more lending to businesses, these policies do not go far enough. This crisis presents an opportunity to restructure, not reproduce, our current economic system.