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Interest and the economy

EDM (Early Day Motion) 828: tabled on 02 September 2020

Tabled in the 2019-21 session.

This motion has been signed by 6 Members. It has not yet had any amendments submitted.

Motion text

That this House notes recent reports from the Bank of England that banks and financial institutions in the UK currently have more than £170 billion in personal accounts which pay zero interest; further notes that the public purse was used to rescue banks in 2008 and many of the same institutions have social responsibilities which they espouse; and calls upon the Chancellor of the Exchequer to begin discussions immediately with a view to financial institutions making a pre-Christmas 1 per cent interest payment on these accounts via a coupon or voucher redeemable on the High Street, not online, thus providing a boost to local retailers of up to £1.7 billion, boosting consumer confidence at no cost to the public purse.