This government has said growth is their number one mission John, but for who? For what?

 

They’re going to publish a new Financial Services Growth and Competitiveness Strategy in spring 2025 and they’ve launched an open call for evidence so you can help shape it. [1] 

 

Most bank lending is still going towards mortgages, driving house prices and inequality even higher. [2] This broken growth model and bloated financial sector is dragging down our whole economy. 

 

This call for evidence is our chance to drown out the big banks and lobbyists vying to influence the government’s decisions over the future of finance.

 

Hit the button below to have your say before Thursday 12th December.

Key members of this government have become cheerleaders for big finance John. In her Mansion House speech to the City of London last month, Chancellor Rachel Reeves said banking regulation after the 2008 financial crisis had “gone too far”. Meanwhile, Economic Secretary to the Treasury, Tulip Siddiq, used a speech at the UK Finance group’s annual dinner to pledge they’d “co-design” new financial services regulation with the industry itself. [3] But we can’t let Big Finance have free rein to write their own rules. 

 

We all know what happens when big banks are left to run amok. Positive Money was born in the wake of the 2008 global financial crisis, and the collapse of banks, including Credit Suisse just last year, prove just how risky and unstable the financial system still is today. We need vital protections to stop big finance from harming the real economy and keep our banking system stable and safe.

As floods and storms bring the climate crisis to our doorsteps, private banks also can’t be trusted to lead the green transition. The top five UK lenders (Barclays, HSBC, Standard Chartered, Lloyds and NatWest) channelled almost £39 billion of new money into fossil fuels in 2023 - even more than they did in 2022. [4] We can’t give the banks even more power to gamble away our future. 

 

In the general election this year, people voted for change, not more of the same. Continuing to grow the financial sector won’t end poverty, bring down prices, or fix the foundations of our broken economy. We’ve drafted a template email you can either send directly or edit as much as you like. 

 

The more of us who submit evidence, the more chance we have to pressure the government to design a financial system that serves people and planet - not the other way around.    

 

Hit the button below now John to have your say before 11.59pm on Thursday 12th December, it only takes 2 minutes!

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