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Dear John,
More than 5,500 Positive Money heroes signed our petition demanding the Bank of England come clean about its secret big business bailouts - and today, we won. |
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The Bank had been secretly loaning billions to big corporations affected by the coronavirus crisis. But this morning it published a statement about its Covid Corporate Financing Facility (CCFF) which concluded: |
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And not only that, the Treasury is warning these businesses not to give any pay rises or bonuses to CEOs, or dividends to shareholders, whilst they’re receiving public money. Too right, too! |
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This action is a direct result of our work as we were the only ones shining a spotlight on the CCFF. The chief lead writer for The Guardian Randeep Ramesh even jumped in to congratulate us! This is proof that when we speak, public institutions really do listen.
After years of pushing for more democracy in our money and banking system, today is a big win for Positive Money supporters everywhere. The Bank had been using its power to create money to lend billions to Britain’s biggest businesses in secret. But not anymore. The Bank itself admitted in the statement “this change will make the scheme more transparent.” |
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But we won’t stop there. We’ll continue demanding CCFF funds don’t go to high-polluting and tax-avoiding companies, and that public money isn’t used to enrich CEOs and shareholders while their staff get laid off. Keep an eye out for our next steps later this month.
This campaign mattered because this is public money pure and simple, we all deserved to know where it was being spent - and now, we will. Thank you for all your support,
Hannah, Rachel and the rest of the Positive Money team
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Positive Money relies on donations from generous individuals like you to carry out our research, education work and campaign for a fairer money and banking system. |
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