Energy companies must pay YOU interest if they hold your money.

Energy companies hold billions of pounds of money of our money.  They are earning profit interest on these holdings.

In the same way that companies can charge interest on outstanding invoices, energy companies should be forced to pay interest on balances on energy accounts (I suggest 5% above BoE base rate)..

Why is this idea important?

Energy companies hold billions of pounds of money of our money.  They are earning profit interest on these holdings.

In the same way that companies can charge interest on outstanding invoices, energy companies should be forced to pay interest on balances on energy accounts (I suggest 5% above BoE base rate)..

Stop stores being able to offer a credit or credit store cards with every sale.

Dear Sirs,

I feel a law should be introduced to stop stores being able to offer a credit or credit store cards with every sale.

Why is this idea important?

Dear Sirs,

I feel a law should be introduced to stop stores being able to offer a credit or credit store cards with every sale.

Enact the Bank of England (Creation of Currency) Bill 2010

Forcing millions of ordinary people to borrow their means of exchange into existence from the banks at their own risk and expense, in the form of over-priced mortgages and other loans, and then taxing them to service government debt on top of that, severely limits economic independence and freedom of choice.  If the definition of a slave is not ill-treatment, but the fact that he or she has no say in their own policy, the decision to tax the people to save the banks, without any offer of a vote or any discussion of alternative means of creating new purchasing power, reduces large swaths of the population to slavery.

The Bank of England (Creation of Currency) Bill 2010 proposes a simple reform which will dramatically reduce taxes, while at the same time expanding and maintaining infrastructure and providing decent public services.

The Bill establishes as its Universal Principle that: “Throughout the entire banking and deposit taking system … every credit to an account must be matched by an equal debit from a different account.”  Only the Bank of England will be exempt from this requirement, thereby enjoying sole right to create all of the UK’s new money, both cash and non-cash.

Enactment of the Bill will complete the work of The Bank Charter Act of 1844, which made it as illegal for the commercial banks to print notes as it already was for them to mint coins.  Under the Act it will also be illegal for them to create non-cash money in the form of "credit".  In effect, the money supply will be nationalised without any need to nationalise the banks, which will continue to compete for their profits in the open market – with the difference that they will now confine themselves to borrowing and lending money which already exists.

With money recognised as a public utility, the MPC will be responsible for issuing or withdrawing it from circulation directly, instead of depending on the blunt instrument of interest rates to control inflation; and any new money created can be spent into circulation on  public works and services as indicated by voters in the usual way, at general elections.

The Bank of England (Creation of Currency) Bill 2010 is online, with detailed explanations and FAQs, at http://www.bankofenglandact.co.uk/.

Why is this idea important?

Forcing millions of ordinary people to borrow their means of exchange into existence from the banks at their own risk and expense, in the form of over-priced mortgages and other loans, and then taxing them to service government debt on top of that, severely limits economic independence and freedom of choice.  If the definition of a slave is not ill-treatment, but the fact that he or she has no say in their own policy, the decision to tax the people to save the banks, without any offer of a vote or any discussion of alternative means of creating new purchasing power, reduces large swaths of the population to slavery.

The Bank of England (Creation of Currency) Bill 2010 proposes a simple reform which will dramatically reduce taxes, while at the same time expanding and maintaining infrastructure and providing decent public services.

The Bill establishes as its Universal Principle that: “Throughout the entire banking and deposit taking system … every credit to an account must be matched by an equal debit from a different account.”  Only the Bank of England will be exempt from this requirement, thereby enjoying sole right to create all of the UK’s new money, both cash and non-cash.

Enactment of the Bill will complete the work of The Bank Charter Act of 1844, which made it as illegal for the commercial banks to print notes as it already was for them to mint coins.  Under the Act it will also be illegal for them to create non-cash money in the form of "credit".  In effect, the money supply will be nationalised without any need to nationalise the banks, which will continue to compete for their profits in the open market – with the difference that they will now confine themselves to borrowing and lending money which already exists.

With money recognised as a public utility, the MPC will be responsible for issuing or withdrawing it from circulation directly, instead of depending on the blunt instrument of interest rates to control inflation; and any new money created can be spent into circulation on  public works and services as indicated by voters in the usual way, at general elections.

The Bank of England (Creation of Currency) Bill 2010 is online, with detailed explanations and FAQs, at http://www.bankofenglandact.co.uk/.