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Public Credit For Public Purposes

EDM number 408 in 2006-07, proposed by Austin Mitchell on 05/12/2006.

That this House, knowing that enormous sums of money are necessary to improve public services, build a better infrastructure and provide for the well-being of the people, and recognising that further huge additional expenditure will now be necessary to combat global warming, reduce carbon emissions and make public buildings, housing and transport carbon neutral, points out that there is no prospect of raising such huge but necessary sums through normal channels of taxation and borrowing; therefore suggests that the time has come to supplement these by using the power of public credit to increase the amount of publicly-funded money, particularly since this has fallen from 20 per cent. of the money supply in 1964 to 3 per cent. today because the banks have largely taken the issue of credit and taken the seigneurage arising from credit creation for themselves; and calls on the Government to use the power of public credit for public purposes, particularly for the huge expenditure necessary to finance the development of carbon neutrality in a good society.

This motion has been signed by a total of 19 MPs.

MPDateConstituencyPartyType
Austin Mitchell05/12/2006Great GrimsbyLabourProposed
David Taylor06/12/2006North West LeicestershireLabourSeconded
Ronnie Campbell06/12/2006Blyth ValleyLabourSeconded
Alan Meale06/12/2006MansfieldLabourSeconded
Linda Riordan06/12/2006HalifaxLabourSeconded
Ann Cryer06/12/2006KeighleyLabourSeconded
Madeleine Moon07/12/2006BridgendLabourSigned
David Drew07/12/2006StroudLabourSigned
Brian Jenkins07/12/2006TamworthLabourSigned
Kelvin Hopkins07/12/2006Luton NorthLabourSigned
John McDonnell11/12/2006Hayes and HarlingtonLabourSigned
Bill Etherington11/12/2006Sunderland NorthLabourSigned
Harry Cohen12/12/2006Leyton and WansteadLabourSigned
Jeremy Corbyn12/12/2006Islington NorthLabourSigned
Katy Clark12/12/2006North Ayrshire and ArranLabourSigned
Alan Simpson13/12/2006Nottingham SouthLabourSigned
Elfyn Llwyd13/12/2006Meirionnydd Nant ConwyPlaid CymruSigned
Dai Davies13/12/2006Blaenau GwentIndependentSigned
Ian Gibson19/03/2007Norwich NorthLabourSigned

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