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Dear John,
It’s almost unbelievable. At the same time that he’s talking about having to make cuts to public services in his Budget, Jeremy Hunt’s planning to let banks get billions of pounds a year of public money, because of a flaw in the system. [1] When the majority of people are suffering with the cost of living and cuts, we need to call this out.
John, so far there hasn’t been much noise about this bankers’ handout, so Hunt could get away with it. But together, we could change that. If thousands of us raise the alarm and show him we’re watching, we could push him to stop the handout. So John, please will you add your name to the petition now? The Budget’s one week away, so we need to act fast. |
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Most people are getting ready for high energy bills and cuts to public services this winter. But banks are quietly set to get around £80 billion over the next two years. It’s because of the way the Bank of England raises interest rates, to try to stem inflation. But not only will higher interest rates have little effect on inflation, they also mean banks get billions of public money for nothing. [2]
John, 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. This latest oversight by ministers and governors shows just how urgently we need to rethink the whole way the government and Bank of England implement policies together.
So in our petition, we’re calling not just for them to stop this bankers handout, but to launch a review into the whole monetary policy framework - it’s clearly broken and failing the majority of people. It’s time to upgrade our economy so it helps everyone to lead a good life.
To win, we need to kick up a big public stink about this ridiculous situation. And that starts with thousands of us signing and sharing this petition. John, please will you help show Jeremy Hunt that the public don’t want a massive handout to the banks? |
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Thank you for all you do,
Rachel, Simon, Nicole and the rest of the Positive Money team Notes: [1] The former Bank of England deputy governor Paul Tucker recently calculated that expected interest rate increases mean that banks will receive around £80 billion of public funds over the next two years: [2] You can read more about how this all works on this blog by our head of policy, Simon: Why are we paying tens of billions to banks during a cost of living crisis?
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