We live in times of rising inequality, dangerously high levels of personal debt and unaffordable housing. We know these problems result from a system where banks create almost all the money we use.
However, we cannot change our money system overnight. There are some crucial steps we need to take to get us there. One of those steps is to set up a Money Commission.
In May this year we launched a campaign calling for a Money Commission and since then we have seen some very exciting developments:
1. Labour thinks big about the money system
Our call for a Money Commission is clearly being listened to. At the Labour Party conference the Shadow Chancellor announced a review into the mandate of the Bank of England.
This is a significant breakthrough - but we have more work to do. We will be pushing to make sure our proposal for Sovereign Money Creation is considered during the review. Stay tuned for more updates.
2. Icelandic MPs call for a Money Commission
At the beginning of October a resolution calling for a commission to review money creation in Iceland and make recommendations for a better system was submitted by 11 Members of Parliament. (Read more here)
This resolution takes Iceland a significant step closer to reforming its money system. We’ll know if a money commission is going to be set up early next year.
3. What is the role of the Bank of England?
A bill to improve the Bank of England is currently going through the House of Lords. This is an an exciting opportunity to provoke a much wider discussion about the Bank’s role. Positive Money will use this bill to make our argument for a Money Commission loud and clear to parliamentarians. Read more here.
In the UK and abroad, Positive Money is leading the movement calling for a fairer money and banking system - and we are seeing some incredible steps forward.
These are exciting times.
Thanks to you, our message is being heard more widely than ever before.