Breakthrough: monetary policy change on the horizon?

From: Fran, Positive Money <info@positivemoney.org>
Date: 7 October 2016 at 10:31
Subject: Breakthrough: monetary policy change on the horizon?
To: peter Challen <peterchallen@gmail.com>

PositiveMoney

Dear Peter,
This week our campaign had a big breakthrough. The Prime Minister, Theresa May, admitted that current monetary policy is driving inequality and that she wants it to change: [1] At her keynote speech at the Conservative Party conference she said:

“Because while monetary policy – with super-low interest rates and quantitative easing – provided the necessary emergency medicine after the financial crash, we have to acknowledge there have been some bad side effects. 

People with assets have got richer. People without them have suffered. People with mortgages have found their debts cheaper. People with savings have found themselves poorer. 

A change has got to come. And we are going to deliver it.” 

This is a huge opportunity for us to ramp up the public pressure on May to deliver on her promise. Instead of creating money that is simply pumped into financial markets, the Bank of England should spend it on things which benefit everyone – like investing in house-building or infrastructure like schools and hospitals.

She’s cooking up plans for a new monetary policy now, to be ready for the Autumn statement in November. [2] Together, we can influence those plans – by showing her there’s a huge swell of support for money creation that works for people.

You, along with 7000 other Positive Money supporters have already signed the petition. If each of us shares the petition today, together we could get thousands more people to pile in behind the campaign. Please will you share the petition now so your friends can add their names?

Share on Facebook.

If you don’t have Facebook, please forward the email below to your friends.
Positive Money’s research has shown that the Bank of England’s policy of quantitative easing (QE) has worsened inequality and there are much fairer ways of putting money into the economy. And we’ve been working together to get the message out. [3] We’ve got letters signed by leading economists into the media, we’ve encouraged our MPs to go to debates on QE in parliament and to Positive Money events at their party conferences.

Now that Theresa May wants her government to move away from QE that simply pumps up financial and property markets, together we need to show her and Philip Hammond, the Chancellor, that there are huge numbers of people who demand monetary policies that works for everyone.

If together we can get more than 10,000 signatures on the petition, Positive Money supporters will deliver it straight to the government before the Autumn statement. Please will you share the petition now?

Thanks for being involved,

Fran, David and the rest of the Positive Money team

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Here’s the email for you to forward to your friends:

Hi,

I have just signed Positive Money’s petition calling on the government to end the current monetary policy which is driving inequality, and to instead introduce a policy which benefits everyone in society.

The Bank of England is currently flooding financial markets with £70bn of newly-created money – a process called quantitative easing (QE). But we know this policy increases inequality and makes the rich even richer. This has been confirmed by the Bank of England’s own research.

And yesterday, there was a big break through. Theresa May, the Prime Minister, admitted that QE leads to inequality and it’s time that policy was changed! This is a huge opportunity for us to ramp up the public pressure on May to deliver on her promise – and for us to shape the new monetary policy.

Because together we know that instead of creating money that is simply pumped into financial markets, the Bank of England should use that money to do things which benefit everyone – which support investment, jobs and people’s incomes. It could be simply given out to ordinary people, used to fund a tax cut, spent on house-building or invested in infrastructure like schools and hospitals.

The government is cooking up plans for a new monetary policy now, to be ready for the Autumn statement in November. Together, we can influence those plans – by showing there’s a huge swell of support for money creation for people, not financial markets.

Please will you add your name to the petition now? It takes less than a minute:
http://act.positivemoney.org/create-money-for-people-email-share

Thanks,

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[1] http://uk.businessinsider.com/theresa-may-criticises-the-bank-of-england-in-conservative-conference-speech-2016-10
[2] http://www.bbc.co.uk/news/uk-politics-37572684
[3] http://positivemoney.org/2016/09/monetary-policy-risks-provoking-political-backlash-campaign-group-tells-mps/

 

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