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EDM (Early Day Motion) 1515: tabled on 26 June 2002

Tabled in the 2001-02 session.

This motion has been signed by 25 Members. It has not yet had any amendments submitted.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

Motion text

That this House, recognising that the huge expansion of bank lending and the decline of the note issue as a proportion of available money have meant that the seignorage return to government and the proportion of debt free money issued have both fallen heavily as proportions of GDP, so that credit has effectively been privatised, to the enormous benefit of the banks with an increase in the debt burden on every individual and company; therefore urges the Government to redress the balance back to the people by instructing the Bank of England to create credit on an experimental basis to be used exclusively to finance specific public investment in projects, schools, hospitals or transport, so that the public can assess the benefit of using the People's Credit for the People's Purposes as an alternative approach to partnerships with the private sector (like PPP and PFI) to see whether this method of financing is better and does not impose the heavy extra costs of public finance initiative or public private partnerships and also to enable more public sector investment which will stimulate employment and economic growth; and further urges the Treasury to review and report on the benefits and procedures for using the public credit to achieve higher economic growth and full employment in an economy where both have suffered as the burden of debt, private and public, have increased.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

In addition to the sponsors, the following Members have signed to support the motion.

There are no withdrawn signatures for this motion.