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John,
While small and independent businesses are struggling to survive, the Bank of England is creating billions in new money to bail out Britain’s biggest companies - in secret, via the Covid Corporate Financing Facility (CCFF). [1]
The Bank of England specifically said companies receiving or eligible for funds “will not be made public” and businesses are being made to sign confidentiality agreements. We only learnt about EasyJet’s bailout in a backhand way through the press. [2] This is public money pure and simple, we deserve to know where it’s being spent.
The Bank of England must lift it’s veil of secrecy and make all corporate bailouts public now! |
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They’ve handed out almost £11 billion so far with another £30 billion in the pipeline. If the Bank is going to create new money to tackle Covid-19 that spending should go on PPE for frontline workers or to help the most vulnerable, not to businesses ranked on the FTSE 250.
And what’s even worse? No one is talking about this. With coronavirus statistics dominating the headlines, these secret bailouts are slipping by unnoticed. Also because bailout terms are hidden from public view, we don’t get any chance to attach conditionalities. While countries like Denmark are seizing this opportunity to target tax havens or stop eye-watering bonus’, we’re handing out money with literally no-strings-attached. [3]
Please John sign our petition demanding the Bank come clean about their secret bailouts today, it’ll take less than 2 minutes! |
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While most companies are being forced to apply for loans from high street banks (and getting turned away!), the CCFF was set up specifically for Britain’s biggest businesses. [4] It’s the same old double standard that’s plagued our economy for far too long: one rule for the big players and another for the rest of us. After 2008 we bailed out the banks with no conditions to make them work in the public interest, now we’re doing it with big corporates. We can’t make the same mistake again. |
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Thank you for your support,
Hannah, Fran and the rest of the Positive Money team [1] Bank of England provides £7.5 billion in big business bailouts, all hidden from public view [2] EasyJet secures £600m coronavirus loan from UK Treasury and Bank [3] Denmark bans tax haven companies from accessing coronavirus bailout money - will other countries follow? [4] The coronavirus loan scheme risks failing the people it was designed to help |
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