Report by Ruby Kelman (Ruby is 17, from Leicester and currently studying for her A levels. She is the Communications Rep for Woodcraft District Fellows.):
The general election is only weeks away and politicians are keen to tell how they will tackle the pressing issues society is facing. But as we know, whilst the power to create money rests in the hands of the banks, their hands are tied.
For the first time that any of us at Positive Money can remember, a major UK political party will fight a general election on a commitment to take control of the money supply away from private banks. The Green Party manifesto pledges that “the creation of money should become the function of a new monetary authority, independent of day-to-day government control”.
The banking system needs to do a better job of supporting businesses and serving customers according to the manifestos of the three main parties published this week. Labour promise to “develop a banking system that works for businesses in every region and every sector in Britain”. The Conservatives “will continue to build a stronger, safer and more secure banking system that… provides businesses with the finance they need to grow and create jobs” and the Liberal Democrats pledge to “grow a competitive banking sector, support alternative finance providers and improve access to finance for business and consumers”.
Britain is facing a mounting housing crisis amid a shortage of supply that the country’s new government will have to address as a priority, according to the Royal Institution of Chartered Surveyors.