Money Commission April 2016

Thank you for contacting me recently about the setting up of a 'money commission' [and the related Positive Money campaign].

I know the Positive Money campaign have been raising important issues about how we ensure financial stability and gain a greater understanding of money supply in the UK and, indeed most other developed countries, following the global financial crisis.

I believe we need a more transparent and accountable commercial banking sector which works for the whole economy. I also believe that the Government have not taken sufficient action taken to deliver a competitive banking system which serves the interests of consumers or the needs of businesses and the British economy.

As you know, an amendment was tabled to the Bank of England and Financial Services Bill ahead of its Report Stage which aimed to establish a 'money commission'. This amendment was withdrawn before the debate, and so there was no vote on this. However, I welcome that fundamental questions are being asked by campaigns such as Positive Money about how the money in our economy is being created and used, how our financial system can be more transparent and accountable and work for the benefit of the country as a whole.

I voted against the Bank of England and Financial Services Bill as a whole as it fails to increase oversight, transparency and accountability of the work of the Bank of England and fails to fully equip the banking system for the future.

Thank you again for writing to me. I will of course keep your views in mind as the issues around our banks and financial institutions continue to be raised in Parliament.