Early day motion 1449

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TAXING THE PROFITS OF CREDIT CREATION

That this House considers that in the light of the nationalisation of one failing buiding society, the help given to markets by the Bank of England's boost to interbank liquidity and the huge benefit given to the financial sector by the Bank's proposal to take on up to £50 billion of unsaleable special purpose vehicles of bundled debt to help the banks, building societies and lending institutions escape the consequences of their own follies is disproportionate, and should be now balanced by ensuring that the financial institutions which have benefited so substantially from the effective privatisation of the great bulk of credit creation by their power to create money via credit cards, bank accounts, mortgages, loans, special purpose vehicles and other financial instruments thus ensuring that the seigniorage on money creation which once came to the people on public credit created by the minting and printing of money, now goes into bank profits are taxed on the credit they create to compensate the taxpayer for the fact that the 97 per cent. of credit creation arrogated by the private sector to use and abuse for its own profit and purposes, rather than the benefit of the public, has been so badly misused and has led to yet another financial crisis of the type financial flesh is all too frequently heir to.

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Total number of signatures: 18

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Showing 18 out of 18

Name Party Constituency Date Signed
Burgon, Colin Labour Party Elmet 30.04.2008
Campbell, Ronnie Labour Party Blyth Valley 30.04.2008
Clapham, Michael Labour Party Barnsley West and Penistone 08.05.2008
Clark, Katy Labour Party North Ayrshire and Arran 12.05.2008
Corbyn, Jeremy Labour Party Islington North 30.04.2008
Cryer, Ann Labour Party Keighley 30.04.2008
Davies, Dai INDEPENDENT Blaenau Gwent 08.05.2008
Drew, David Labour Party Stroud 01.05.2008
Etherington, Bill Labour Party Sunderland North 01.05.2008
Gibson, Ian Labour Party Norwich North 15.05.2008
Hancock, Mike Liberal Democrats Portsmouth South 06.05.2008
Hopkins, Kelvin Labour Party Luton North 29.04.2008
McDonnell, John Labour Party Hayes and Harlington 23.06.2008
Mitchell, Austin Labour Party Great Grimsby 29.04.2008
Purchase, Ken Labour Party Wolverhampton North East 30.04.2008
Simpson, Alan Labour Party Nottingham South 07.05.2008
Taylor, David Labour Party North West Leicestershire 30.04.2008
Wareing, Robert N Labour Party Liverpool West Derby 30.04.2008

Amendment 1449A1 - TAXING THE PROFITS OF CREDIT CREATION

  • Session: 2007-08
  • Date tabled: 20.05.2008
  • Primary sponsor: Bailey, Adrian
  • Sponsors:

    leave out `building society' and insert `bank'.

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Total number of signatures: 1

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Name Party Constituency Date Signed
Bailey, Adrian Labour Party West Bromwich West 20.05.2008

Amendment 1449A2 - TAXING THE PROFITS OF CREDIT CREATION

leave out `building societies'.

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Total number of signatures: 2

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Showing 2 out of 2

Name Party Constituency Date Signed
Anderson, Janet Labour Party Rossendale and Darwen 19.06.2008
Bailey, Adrian Labour Party West Bromwich West 20.05.2008