Do you remember 2008, John? Because I do.

I remember the chaos unleashed by poorly regulated banks, gambling with our hard-earned pensions and savings. People we trusted to look after our money treated our economy like a casino.

I don’t want it to happen again, John. So when the Treasury launched an open call for evidence for their new Financial Services Growth and Competitiveness Strategy, I knew we had to respond. [1]

If they had their way, the finance sector would love to roll back the clock and ditch all the protections put in place after the crash. Emailing the Treasury is your chance to tell them: not on our watch.

Positive Money was founded after the 2008 crash to shine a light on our failing banking system, and fight to make it fairer, more democratic and sustainable. You’ve been part of that fight with us John, now we need you to step up again. 

We know that an overinflated finance sector harms the economy - but the banking lobby will tell you the opposite. [2] They’ll be doing everything they can to push for weak, watered down rules - the scenario that led to them crashing our economy in 2008 and the public being forced to bail them out. 

And yet, we know the government will lend them a sympathetic ear. 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”. [3] 

That’s why we need as many people as possible to drown out the big banks and lobbyists and tell the government the other side of the story - giving the financial sector more freedom isn't the solution, it's part of the problem.

Can you help before the deadline at 11.59pm Thursday night, John?

Growing the financial sector won’t end poverty, bring down prices, or fix the foundations of our broken economy. Instead we need policies that protect financial services from harming the wider economy and keep our banking system stable and safe.

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

With less than 48 hours until the consultation closes, will you take 5 minutes to use our template and email the Treasury today?

Thank you for your support,

Kate, Positive Money

Notes:

[1]  GOV.UK Open call for evidence: Financial Services Growth and Competitiveness Strategy

[2] IMF: Working paper: Too much finance?

[3] GOV.UK Mansion House 2024 speech

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