Early day motion 265

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GREEN CREDIT FOR GREEN GROWTH

That this House is concerned that the costs of dealing with the recent floods is only a foretaste of the much larger sums that will be necessary to cope with climate change and to deal with extreme weather conditions; believes that instead of raising the money by taxing or borrowing, the Government should now increase the proportion of publicly-created money in the economy by issuing interest-free green credit to finance both these problems; notes that the proportion of the publicly-created money in circulation has fallen from 20 per cent. of the money supply in 1964 to three per cent. today; further notes that the benefits of seignorage are overwhelmingly taken by the banks not the public exchequer, if this decline were reversed the use of publicly-created money would substantially cut the cost of public investment by eliminating the need to pay interest; considers that such a policy of using publicly-created money to finance carbon neutral measures and conversions could be adopted to create additional economic growth; and recommends that the Treasury should use its powers to create non-interest bearing money so as to fund activities to combat climate change along the lines developed by the submission of the Forum for Stable Currencies' response to the United Nations Development Programme's call for new approaches towards adaptation to climate change.

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Total number of signatures: 14

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Showing 14 out of 14

Name Party Constituency Date Signed
Bottomley, Peter Conservative Party Worthing West 15.11.2007
Challen, Colin Labour Party Morley and Rothwell 01.04.2008
Clapham, Michael Labour Party Barnsley West and Penistone 22.11.2007
Corbyn, Jeremy Labour Party Islington North 15.11.2007
Cryer, Ann Labour Party Keighley 19.11.2007
Davies, Dai INDEPENDENT Blaenau Gwent 15.11.2007
Drew, David Labour Party Stroud 19.11.2007
Flynn, Paul Labour Party Newport West 15.11.2007
Gibson, Ian Labour Party Norwich North 19.11.2007
Hancock, Mike Liberal Democrats Portsmouth South 21.11.2007
McDonnell, John Labour Party Hayes and Harlington 25.11.2008
Mitchell, Austin Labour Party Great Grimsby 14.11.2007
Morley, Elliot Labour Party Scunthorpe 30.04.2008
Simpson, Alan Labour Party Nottingham South 15.11.2007