Positive Money
@PositiveMoneyUK
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Shifting power from big banks to people. Get involved 👉
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Last Seen Profiles
Pinned Tweet
Today, Rachel Reeves echoed the economic illiteracies of the last government.
To be clear, the government can:
✅ Borrow at better rates than us, with totally different repayment expectations
✅ Change fiscal rules
✅ Tax wealth
Our full response:
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Dear
@BBCNews
,
No, the UK has not "maxxed out" its credit card 💳
We invite you to watch this video to learn how public finances really work.
Share if you think reporters should be educated in basic economics 👇
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3K
5K
⚡️NEW: Shell, BP & Jeremy Hunt don’t want you to watch this video.
What’s the ONE word that tells you everything you need to know about your soaring energy bills?
📢Watch, share & take action 👉
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Dear
@RishiSunak
,
We're afraid you got some things wrong in your
#AskRishi
twitter Q&A last week.
Retweet to help Rishi learn the truth about government spending 👇
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A quick shoutout to
@BBCNews
for correcting the record on government spending 👏
'If you're borrowing from yourself... you have a much more patient creditor".
We can afford to spend on things we need - like pay rises for key workers, free school meals & a
#GreenRecovery
.
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Today we ran this full page ad 👇 in Jeremy Hunt's local newspaper demanding her
#TaxTheBanks
in next week's Budget.
Join 7,000+ people and sign the petition 👉
Since
#Budget2024
might be Hunt's last, it's his last chance to
#TaxTheBanks
!
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🚨TAKE ACTION 🚨
Barclays and NatWest have announced a collective £12,100,000,000 of profits for 2022.
We expect similarly huge results from HSBC and Lloyd's Bank next week.
Join our call for
@Jeremy_Hunt
to tax these unearned excess profits now 👇
42
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493
⚡REVEALED: why are UK food prices rising at their fastest rate in 45 years?
The climate crisis is disrupting our food supplies right now, pushing up prices. Introducing
#Climateflation
.
Sign & retweet to tell
@Jeremy_Hunt
to act 👉
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296
495
Our new research exposes how bank lobbyists are hijacking our democracy, ensuring:
💷Tax cuts for banks, tax hikes for workers
🌎Weak rules on fossil fuel lending
⚖️Wealth sucked from communities to the City of London
It's time to change the rules. Share to
#StopTheBankingLobby
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You've poured £5,600,000,000 into fossil fuels since January.
Great to see this development 👇 and we will continue to support the UK Government in leading the transition to net zero. We’re committed to aligning our entire financing portfolio to the timeline and goals of the Paris Agreement, on our way to becoming a net zero bank by 2050.
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Labour leader
@Keir_Starmer
is repeating falsehoods about public spending.
@UKLabour
, will you set the record straight?
Retweet to help Keir learn the truth 📢
24
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396
The Bank of England governor Andrew Bailey has told workers not to ask for pay rises.
He earns almost £300 an hour.
Care workers earn £9 an hour.
Is this why the Bank of England is out of touch?
@angelaeagle
this morning 👇
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⚡️ NEW: Shell, BP & Jeremy Hunt don’t want you to watch this video.
What’s the ONE word that tells you everything you need to know about your soaring energy bills?
📢 Watch, RT and take action now 👉
#Fossilflation
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Demand all political parties build a future parliament that works for everyone - not just the City of London 💰
✍️Add your name to
#BreakTheLink
with big finance 🔗
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What will it take to keep our money safe from another
#BankingCrisis
? 📈🏦
It's time for a financial system that puts people - not greedy banks - first.
Watch + RT to help spread the word!
10
89
241
Should nurses get a pay rise?
Labour's candidate for the Batley and Spen by-election
@kimleadbeater
told
@OwenJones84
that there's "no magic money tree".
Politicians from
@UKLabour
&
@Conservatives
still don't understand how money works.
📣Share to help them learn the truth 👇
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Two of Europe’s most renowned economists in favour of People’s
#QE
-
http://t.co/TjEQR0H9ed
-
http://t.co/J83oHWTS4R
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Yanis Varoufakis told Al Jazeera how we can end "too big to fail" banking: by decoupling our payments system from private banks.
That way our fate isn't bound to theirs, and they'll actually have to compete for our custom by offering better rates and services.
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It’s GCSE results day, and UK banks have missed the mark on a green transition❌
UK banks are some of the biggest climate criminals, pouring BILLIONS in oil and gas investments🏭
It’s time banks ditched their polluting activities, for clean and green alternatives🌱💚
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NEW: Our latest report calls for the government to prioritise health, wellbeing and the environment over trying to get economic growth going again.
And we've commissioned polling showing that the vast majority of the public agree with us.
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Since 2010 the Government has slashed almost £50bn a year from public services. Your schools. Your hospitals. All while the Big Four UK banks have paid out over £50bn in bonuses. Seem fair?
Find out how much you're owed now >>>
#10YearsOn
#ChangeFinance
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⚡ BREAKING ⚡
Our latest research finds more than £30 billion for public spending each year could come from a very unexpected place:
A central bank-issued digital pound!
That’s enough to fund a certain green investment pledge 🙃
Let us explain…🧵
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The pandemic is revealing the government's best-kept secret... that there is more than enough money to spend on things we need 💸
This gov't is running out of excuses to impose reckless austerity on ordinary people.
Retweet to spread the truth about the
#MagicMoneyTree
🗣️
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1/ Today, Shell is expected to announce another round of record profits while millions struggle to pay their energy bills.
Let's be clear about the driver of inflation politicians aren't talking about: our dependence on volatile fossil fuels which causes unstable prices.
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Hi
@RishiSunak
,
We hear the Bank of England has just created £150bn of new money to buy government debt.
Do you still think the government doesn't have 'its own money'? 🤔
Dear
@RishiSunak
,
We're afraid you got some things wrong in your
#AskRishi
twitter Q&A last week.
Retweet to help Rishi learn the truth about government spending 👇
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We've just delivered our petition to Number 11 Downing Street calling on Chancellor Jeremy Hunt to introduce a windfall tax on banks in tomorrow's
#SpringBudget
, with
@equalitytrust
, and MPs
@RLong_Bailey
and
@johnmcdonnellMP
.
Like & share if you agree Hunt should
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Today marks 10 years since the Bank of England launched quantitative easing (QE), setting in motion the creation of £445bn in new money, which was used to boost financial markets. This made the top 10% of households wealthier by over £350,000 each.
But we can do things better.
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⚡️NEW⚡️
The
#GreenCentralBanking
scorecard is here.
#G20
central banks are stalling on taking crucial steps to wind down financial support for fossil fuels & ecological destruction.
With months until
#COP26
, find out which are lagging behind👉
THREAD.
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"Instead of fetishising fiscal discipline, we should prioritise more important social, economic & environmental outcomes — like creating well-paid green jobs".
~ Signed by 142 economists 👇
@Frank_vanlerven
@adam_tooze
@StephanieKelton
@ProfSteveKeen
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Banks create money out of thin air.
Michael Kumhof, Senior Research Adviser, Bank of England
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Total private debt has reached £1.545 trillion - it has never been higher!
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Delighted to see that Italy has imposed a 40% windfall tax on the unearned profits banks are making from interest rates 👏
As
@franboait
told
@guardian
a 35% windfall tax on bank profits here in the UK would generate £67 billion over the next five years!
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We teamed up with
@RobinHoodTaxUK
to rip up 3 myths about austerity:
Myth
#1
The government is like a household ❌
Myth
#2
We don't have enough money ❌
Myth
#3
Cutting spending is a good idea in a crisis ❌
Retweet this video to share the truth!
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We co-ordinated a letter of 94 experts calling on Mark Carney's successor to foster a pluralistic policymaking culture, which was printed in today's edition of The Guardian newspaper.
Check out the full list of signatories 👇
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*speaking to an orthodox economist*
My brain:
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don't say it
Don’t say it
Don’t say it
Me: "loans create deposits"
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CAMPAIGN WIN: The Treasury and the Bank of England have decided to publish the names of the companies being bailed out through the Covid Corporate Financing Facility (CCFF), and have also attached conditions, following our campaign for them to do so
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📢 BREAKING: Three-quarters of us are now worried about the impact climate change will have on our bills!
And if our new report is anything to go by, we’re right to be concerned…
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5 women economists are questioning everything from ‘value’ and ‘debt’ to ‘growth’ and ‘GDP', and presenting new economic paradigms.
@A_WittenbergCox
on
@MazzucatoM
@KateRaworth
@StephanieKelton
Esther Duflo,
@CarlotaPrzPerez
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📣This. Needs. To. Stop.
David Cameron's corrupt lobbying for failed finance firm
#Greensill
is not a one time event.
Big finance met with Treasury ministers more than anyone else did last year.
RT if you think it's time to shut the revolving door between politics & finance🚪
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Why are activists targeting central banks at
#COP26
?
Here's everything you need to know in 2 minutes 👇
📣Share to spread the word.
#EndFossilFinance
#DefundClimateChaos
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It's positive to see the Green Party put forward "a windfall tax on banks when excessive profits are being made" in their manifesto.
We calculate that a windfall tax would raise £14 billion from the 2023 profits of the big four banks alone 👉
📗 A manifesto for real hope and real change.
Read our 2024 general election manifesto below ⤵️
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⚡We can’t let this happen.
The government is threatening to cut vital public services this week.
But banks are set to receive £80 billion of public money over 2 years for nothing.
Sign & share to tell
@Jeremy_Hunt
to stop handing billions to banks 👉
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The unquestioned assertion that a highly developed currency-issuing nation cannot afford high quality healthcare is based upon a set of inter-related and almost universally-held false assumptions:
#FundOurNHS
#OurNHS
#NHSCrisis
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🌊BREAKING🌊
Over 50 MPs and peers have asked the
@BankofEngland
governor to align finance with our climate goals.
Has your MP signed? Find out below & tag them👇
📢 RT to spread the word.
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The Bank of England has admitted that its QE programme contributed to lower levels of investment and productivity in the UK economy. Any future stimulus should be designed to maximise investment into more productive areas of the economy than asset bubbles.
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Positive Money's
@RachelJOliver
explains why we need to oppose the governments plans to sell-off RBS on the cheap.
Let's instead use public ownership to help change our broken banking system.
Sign and share the petition now:
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Instead of pumping more money into financial markets, the Bank of England could distribute money directly to all citizens.
7
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We are all shocked and upset to hear of David Graeber's passing.
He was an invaluable ally in our mission to raise awareness of our debt-based money system, and also a friend.
If you haven't already, start reading his work now.
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Dear Andrew Bailey,
@BankofEngland
Governor,
Today we are delivering you the signatures of 60 MPs & 25 peers from all major parties in the UK.
They are asking you to urgently move financial flows away from fossil fuels & towards green alternatives 🔥
Here are their names 👇
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⚡️NOW LIVE.
The Olympics of
#GreenCentralBanking
have come around again, and the scores are in 🏆
Which
#G20
central banks are getting serious about climate & which are falling behind?
Retweet to make sure central bankers see this (1/11)🧵
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EXPOSED: airlines, oil companies and other environmentally and socially irresponsible corporations are receiving bailouts with no conditions attached, through a scheme we campaigned to bring to light.
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On Friday we will be launching the Money Question - a new hub to connect anyone interested in understanding money and how the monetary system can be reformed to better serve society.
Watch the video starring
@KateRaworth
, give
@themoneyq
a follow and help us spread the word!
1
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If the price of groceries had increased at the same rate as house prices since 1971, it would now cost £63 to buy a chicken.
Kirstie Allsopp, stop blaming young people for a government-engineered housing affordability crisis.
6
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5/ We need to change the rules:
❌Bans on private-sector second jobs for MPs
💰Caps on political party donations
🏦Longer 'cool off' periods for politicians who want to work in finance
Check out our research & tune into our launch event at 10am today 👇
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Good morning
@RishiSunak
,
58,785 citizens have a message to you in this week's
@DandSTimes
.
🔥 Please stop bankers causing flooding misery 🔥
Retweet and tag Rishi to make sure he sees his local newspaper this morning 👇
1
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The Cameron government's decision to cut the 'green crap' - end onshore wind projects in England, reduce solar subsidies and slash energy-efficiency schemes - are now costing households £150 a year.
This
#CostofLiving
scandal is decades in the making.
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⚡️Action⚡️
Banks are profiting from risky fossil fuel investments.
We've been here before.
That's why we're coming together to tell regulators: prevent climate collapse & a financial crash.
Help drown out the greedy bankers - take action by 16 Feb 👉
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Last month we published a piece exploring how price controls could help ease the cost of living squeeze.
We drew on the work of
@IsabellaMWeber
, an Assistant Professor of Economics at the University of Massachusetts
A thread 🧵
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Five UK banks have poured £227,000,000,000 into fossil fuels since the Paris Agreement.
That's 4.5 times the amount it would cost to power all UK homes with offshore wind by 2030.
It’s great to see that our plan to ensure we’re world leaders in green finance is working.
We’ve raised £10bn so far with our Green Gilt, with more to come, and are ensuring investors can make more environmentally-led decisions – helping to create a greener financial system.
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14 years ago, big banks crashed the economy, devastating countless lives and livelihoods.
Now they’re gambling with our future once again, pouring money into risky fossil fuel projects that we all know can’t go ahead.
It's time to
#EndFossilFinance
.
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🔥Have you heard?🔥
Rishi Sunak has been listening.
With a brand new mandate, and all eyes on the UK in the run up to
#COP26
, momentum is building to green the financial system.
@BankofEngland
, over to you.
Share this video to spread the news! 📢
2
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Positive Money's
@franboait
was on Sky News this afternoon explaining the myths about money and debt that have been forced on us over the past decade, and why it would be dangerous to try to pay off the
#coronavirusuk
public debt with austerity
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Rather than allowing monetary policy to continue to fuel inequality, there should be an urgent discussion about how stimulus can be better designed to boost the economy in a fairer and more sustainable manner.
9
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Hmmm, interesting view...
What do you think? Do you agree?
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This👏has👏to👏stop👏
It's not just David Cameron exploiting his lobbying power for corporate influence.
Big banks met with Treasury Ministers more than *anyone else* last year.
📢 Share if you think it's time to end financial lobbying for good 👇
#Greensill
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Economists Ignore One of Capitalism's Biggest Problems. Banks Create Money out of Nothing.
via
@ProfSteveKeen
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Could the Bank of England create money to pay into the economy as a Basic Income?
12
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🧵A story told in numbers...
£28,930,000,000 is how much the Big Four UK banks have raked in for just the first six months of 2023.
That's up 80% on last the same time last year,
and it's 723% higher than 2020, when the combined profits of HSBC, Lloyds Bank, Barclays and...
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49
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The total hypocrisy of
@bankofengland
paying out £25 million in staff bonuses whilst telling ordinary workers that their pay rises would stoke
#inflation
.
The very least they can do right now is stop suppressing incomes with interest rate hikes.
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Private banks control our money system. It is not a law of nature. It can be redesigned.
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Banks create money by simply typing numbers into a computer – some might call this magic!
#MagicMoneyTree
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3/ Every single former Chancellor in the past 40 years has gone on to take up paid positions in the financial sector.
Over the past decade, financial institutions that hired a former UK Chancellor benefited on average from a 59% increase in meetings with government departments.
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After a successful legal challenge by
@friends_earth
,
@GoodLawProject
and
@ClientEarth
, the government must revise its Net Zero Strategy in the next 8 months.
The upcoming
#GreenFinanceStrategy
is another critical chance for the government to show it's serious about Net Zero.
⚡️ BREAKING: We took the government to court and WON!
In a landmark victory, the High Court has ruled that the government’s Net Zero Strategy is unlawful.
Now the government must revise its strategy and lay out a credible plan for meeting emissions targets.
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⚡️This is big⚡️
The
@BankofEngland
has just announced that is prepared to adjust the amount of capital banks must hold to reflect climate risk.
Stronger regulation of climate risks is long overdue and should be implemented without delay.
Our response 👉
1
26
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Borrowing isn't the only way you could generate funds though, is it?
You could tax wealth, including the windfall profits that banks have made from interest rate rises (up 723% this year so far compared to the same period in 2020).
Telling people they have to suffer is a lie.
On Thursday
@bankofengland
raised interest rates, which I know will worry a lot of people.
But the alternative of more borrowing would make things far worse.
That's why we're taking decisive action to control inflation and help with the cost of living 👇
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33
57
🧵NEW: Over 50 economists and experts have written to the governor of the
@bankofengland
calling for urgent action to align the financial sector with climate goals, and reverse cuts to climate work.
Read the full thing 👉
4
39
58
🛒📈 The price of food and non-alcoholic drinks jumped 19.1% in March 🚨
Climate crisis is disrupting food supplies & pushing up prices - this is
#Climateflation
Sign & RT to tell Jeremy Hunt to take action now
👉
#inflation
8
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There is some hope. This month,
@MondaireJones
,
@AyannaPressley
&
@RashidaTlaib
introduced the Fossil Free Finance Act, which would:
✅Direct the Fed to align major banks with science-based climate targets
📣Send a message that
@federalreserve
needs to do its job on climate
3
18
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OK so even though parliament is being dissolved in 5 days ahead of the
#generalelection
, it's still pretty scandalous that a committee with this many conflicts of interest was ever appointed 🚨
11/13 members have vested interests in the sector they were appointed to regulate...
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51
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🔥The Science Museum signed a gagging clause with Shell.
At least our public
@BankofEngland
doesn't prop up companies like
@Shell
by buying their bonds through its money creation scheme, effectively subsidising the world's worst polluters.
Oh wait...
Exclusive: The Science Museum has signed a gagging clause in its agreement with Shell International to sponsor its climate change exhibition, agreeing to take care not to say anything that could damage the company’s reputation, Channel 4 News has learnt.
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Central banks "could drop debt-free ‘helicopter money’ directly into Citizen Accounts rather than giving it to banks in the hope that they’ll lend", writes
@rch371
, in this excellent piece defending the idea of a
#GreenNewDeal
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When we said we wanted a 'green' Bank of England, this isn't what we had in mind...
🤔🌿
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2/ Our new report shows the financial sector spent £17.6m on influencing politics in 2020 & 2021.
Of the MPs who recorded work in exchange for payments, the average hourly wage was £2,738 an hour.
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"We've got to have a conversation about what we want this country to be in the next 10 years, and we don't want it to be a high debt and unequal place", Positive Money's
@franboait
reacts to
#Budget18
on Sky News Tonight
2
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