Hi NatCAN,

Positive Money have had a significant breakthrough: Earlier this week we were told that Parliament will hold a three hour debate on the issue of ‘Money Creation and Society’ on Thursday 20th November.

This will be the first time in 170 years that Parliament has debated money creation.

The backbench debate in the Main Chamber of Parliament creates an opportunity for MPs from all parties to learn about the issue, ask questions and deepen their understanding. As the results of our recent poll show (http://www.positivemoney.org/2014/08/7-10-mps-dont-know-creates-mon...), most MPs lack a sufficient understanding of money creation, leaving them ill-equipped to legislate on important policy.

We have produced a full briefing for the money creation debate that you can see here.

https://www.positivemoney.org/wp-content/uploads/2014/11/Backbench-...

There are lots of important questions that Parliament should address during the three hours in the Main Chamber, these include:

Who should create money? Should high-street banks have the effective right to create money every time they make a loan, given the recent consequences for the economy? How should newly created money be used? Do we want banks to have the power to create money when this leads to unaffordable housing and financial instability? Should we have allowed the Bank of England to create £375bn with little scrutiny from parliament, and use this money to inflate financial markets? Were there better uses of this money?

We only have less than two weeks to ensure that Members of Parliament attend the debate – and also understand the basic facts about money!

We need your help!

1) Invite your MP to the historic debate on money creation

You can help make politicians aware of the issue of money creation by banks and all its negative impacts on society. You can do this in just 2 minutes using the link below:

http://www.positivemoney.org/get-involved/email-your-mp/

Email your MP. You can use our email template to ask them for their commitment to be there.

Phone your MP. This is the quickest way to let them know the debate has been announced and find out if they are planning to go.

You can simply phone the House of Commons switchboard on 020 7219 3000 and ask for your MP by name. You will be able to leave them a message or speak to a member of their staff.

Remember to be polite, your message is much more likely to make it to your MP if you stick to the point and put your case across clearly.

Tweet your MP. Include the hashtag #sovereignmoney in your message so we can follow your conversation.


2) Tell your friends, family and colleagues

We only have two weeks to go and we need as much support as possible. Share our campaign with your contacts.

3) Watch the debate on Live Parliament TV.


It is thanks to the 2,000 who emailed their MP and got them interested in money creation!

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Comment by Dora Meade on November 28, 2014 at 16:11

On the 20th November 2014 UK Parliament held a back bench debate on “Money Creation and Society”. This marked the first time in 170 years,  since the Bank Charter Act in 1844, that the topic has been fully debated in Parliament. Thank you to all of your who contacted your MP and helped to make the debate a success.

Over 35 MPs attended and 21 MPs spoke throughout the debate. This included: Steve Baker MP, Michael Meacher MP, Peter Lilley MP, Austin Mitchell MP, Zac Goldsmith MP, Catherine McKinnell MP (shadow front bench) and Andrea Leadsom MP (from the government).

The debate is an important step. Members of Parliament at the debate acknowledged that banks create new money when they make a loan and there was a consensus amongst most MPs present that this is a problem.

The aim of this debate was not to take a vote or change laws, however, it provided an unprecedented opportunity to discuss this topic, which is outside of the government’s agenda. We were overwhelmed by the quality of the discussion and the cross-party nature of the debate.

“Democracy tends to move forward in small, often almost indiscernible steps. All of you at Positive Money, and of course the speakers, should be very proud of today’s debate in the House of Commons. The whole subject is of such fundamental importance that it is curious how little money creation and use is understood. Bringing it into the public realm is vital for our future success and prosperity as a nation. I believe that everyone associated with Positive Money is doing this country a very great service, for which I congratulate you. I am proud to be associated with you all. May we have many more small steps frequently in the future.

You know how to eat an elephant? A bite at a time.”

Tim Delap, Positive Money supporter

Read more about the debate and watch the recording from the Parliament here.

If you don’t have much time, watch this 12 minute highlights video

The government’s view on this debate was provided by Andrea Leadsom MP, the Economic Secretary to the Treasury. She raised seven ‘important questions’. We have written a detailed response and addressed them all – you can read it here.

Perhaps most importantly, cross-party support came for a proposal to set up a monetary commission in order to explore this issue in detail.

Thousands of you helped to make this historic debate a success. Thank you for taking the time to contact your MP!  

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