Early day motion 1515

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USING THE PUBLIC CREDIT

  • Session: 2001-02
  • Date tabled: 26.06.2002
  • Primary sponsor: Mitchell, Austin
  • Sponsors:

    That this House, recognising that the huge expansion of bank lending and the decline of the note issue as a proportion of available money have meant that the seignorage return to government and the proportion of debt free money issued have both fallen heavily as proportions of GDP, so that credit has effectively been privatised, to the enormous benefit of the banks with an increase in the debt burden on every individual and company; therefore urges the Government to redress the balance back to the people by instructing the Bank of England to create credit on an experimental basis to be used exclusively to finance specific public investment in projects, schools, hospitals or transport, so that the public can assess the benefit of using the People's Credit for the People's Purposes as an alternative approach to partnerships with the private sector (like PPP and PFI) to see whether this method of financing is better and does not impose the heavy extra costs of public finance initiative or public private partnerships and also to enable more public sector investment which will stimulate employment and economic growth; and further urges the Treasury to review and report on the benefits and procedures for using the public credit to achieve higher economic growth and full employment in an economy where both have suffered as the burden of debt, private and public, have increased.

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Total number of signatures: 25

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Showing 25 out of 25

Name Party Constituency Date Signed
Baird, Vera Labour Party Redcar 01.07.2002
Best, Harold Labour Party Leeds North West 16.07.2002
Caton, Martin Labour Party Gower 27.06.2002
Chaytor, David Labour Party Bury North 26.06.2002
Coleman, Iain Labour Party Hammersmith and Fulham 24.09.2002
Corbyn, Jeremy Labour Party Islington North 01.07.2002
Cryer, Ann Labour Party Keighley 02.07.2002
Drew, David Labour Party Stroud 01.07.2002
Etherington, Bill Labour Party Sunderland North 09.07.2002
Gibson, Ian Labour Party Norwich North 02.07.2002
Godsiff, Roger Labour Party Birmingham Sparkbrook and Small Heath 24.09.2002
Harvey, Nick Liberal Democrats North Devon 24.07.2002
Hopkins, Kelvin Labour Party Luton North 04.07.2002
Jones, Lynne Labour Party Birmingham Selly Oak 03.07.2002
Llwyd, Elfyn Plaid Cymru Meirionnydd Nant Conwy 10.07.2002
McDonnell, John Labour Party Hayes and Harlington 02.07.2002
McNamara, Kevin Labour Party Kingston upon Hull North 04.07.2002
McWalter, Tony Labour Party Hemel Hempstead 31.10.2002
Mitchell, Austin Labour Party Great Grimsby 26.06.2002
Price, Adam Plaid Cymru Carmarthen East and Dinefwr 02.07.2002
Simpson, Alan Labour Party Nottingham South 26.06.2002
Trickett, Jon Labour Party Hemsworth 02.07.2002
Vis, Rudi Labour Party Finchley and Golders Green 26.06.2002
Williams, Hywel Plaid Cymru Caernarfon 02.07.2002
Williams, Roger Liberal Democrats Brecon and Radnorshire 11.07.2002