The campaign for a fairer system
We call it “Honest Money”
We've written to the Chancellor
Read the letterWhat is the problem?
Our country’s economy is bigger than it’s ever been, yet most people don’t feel the benefits.
It’s time for change.
We’re living through an overwhelming cost of living squeeze and millennials are likely to be the first generation since before the industrial revolution to be poorer than their parents.
The reason? Money printing.
Since the financial crash of 2008, the Bank of England has been creating new money out of thin air to fund the government’s promises.
They call it “Quantitative Easing” and since March 2009, it has printed so much money that the money supply has surged by over 50% from the Bank’s actions alone.
And half of this—£400 billion—took place in 2020-2021 to fund lockdowns.
Our debt – the country’s mortgage – which will be passed to our children, is now well over 2.5 trillion pounds. Your share is £36,000.
Who is affected?
In short, those who can least afford it.
Enough is enough.
And this hurts those on low incomes the most – especially young people and pensioners.
Houses can’t be magicked into existence in the way that money can, so no wonder prices have spiralled out of control for those trying to buy their first home.
25 years ago, the average house price in England was 3.7 times an average salary. Today it is an astonishing 8.3 times salary.
Savers are losing the value of the pounds in their bank accounts. And workers are getting a real terms pay cut and face rising prices.
So many of our problems and struggles – especially today’s cost of living crisis – stem from money printing.
The monetary system is out of control and it needs reform.
How do we fix this?
The way to stop rising prices is to stop printing money and to allow interest rates – the price of money – to be determined by people and businesses interacting freely and providing value to each other, not by a committee of central planners who rely on economic forecasting models that have repeatedly been proved wrong.
Even a primary school child could tell you that if you can print money in your house, it’s probably not a sign that you’re getting richer but that the money is losing its value.
To create a fairer system, a faster growing economy, with low inflation, we must:
First change
remove the power of the Bank of England to create unlimited quantities of new money
Second change
rewrite the Bank of England Act, giving the Bank a new objective – to maintain the value of the Pound in your pocket, by whatever means necessary.
We call it “Honest Money”.
Every household and business should be able to earn, spend, invest and save £, safe in the knowledge that the currency will keep its value year after year after year.
This will make magic money creation impossible, put an end to runaway inflation that is causing such misery for families and businesses across the country, and an era of confidence and prosperity can return.