Turned away for credit. Forced into the arms of loan sharks. Crippled by debt.

That’s the situation for millions across the country who have been declined for credit by the big banks. But there is a way out.

In case you missed it, John, last month in a programme on Channel 4, Welsh actor Michael Sheen used £100,000 of his own money to buy £1m of debt from 900 people and write it off. [1]

But Sheen himself said this isn’t just about a single act of debt forgiveness. He made this show to shine a spotlight on the bigger issue of our broken banking system and the changes we need to fix it - like the Fair Banking Act. [2]

At Positive Money, we know that banks only care about one thing: making profit for their shareholders.  But everyone should be able to access the financial services they need to get by, support their families, and to lead full and flourishing lives. A Fair Banking Act could help make this a reality.

This legislation would push high street banks to provide more affordable credit to people on low incomes and small businesses, and do more to support community-based credit providers, like credit unions and Community Development Finance Institutions (CDFIs), to do so too. 

Similar rules in the US led to a massive increase in banks funding credit unions, CDFIs, and low income communities. [2] With the Fair Banking Act, the same thing could happen here.

Money - and our ability to access it to make payments every day - is a fundamental public good that we all rely on. That’s why we’ve been part of the Fair Banking for All campaign coalition for several years, because we know that change only comes when we raise our voices together.

This Michael Sheen documentary was a huge milestone in public awareness of our fight for change, so we didn’t want to miss the opportunity to make sure you knew about it too.

Thank you, 

Kate, Positive Money

P.S. If you’d like to take action to support the Fair Banking for All campaign, head to our coalition partner Just Money Movement’s website for their Email Your MP tool. 

Notes:

[1] Channel 4: Michael Sheen’s Secret Million Pound Giveaway

[2] Finance Innovation Lab: The impact a Fair Banking Act could have for the UK

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