|
Publicly
Created Money and Monetary Reform is
the title of Eearly
Day Motion 854 tabled by David Chaytor MP in the House of Commons on March
10th 2003. The text reads: "That
this House, concerned at the rising burden of private debt1, public
borrowing2,
student borrowing3 and public-private finance initiatives;
and
therefore urges the Treasury and Treasury Select Committee to commission
independent reviews on procedures for increasing the proportion of publicly
created money in the economy and on the benefits of so doing and report them to
this House." 1.
Private debt has, according to the Bank of England, grown at the rate of
13.5% over the year to October 2002. This is part of a continuing trend of
growth in borrowing being in excess of income growth in the UK. http://www.bankofengland.co.uk/mfsd/li/030103/lendind.pdf 2.
Public sector net debt did, according to HM Treasury data published in
November 2002 fall between 1996/97 and 2001/02 by £38 billion but is forecast
to increase between 2001/02 and 2006/07 by £97 billion. http://www.hm-treasury.gov.uk/media//
54E68/040303PDB.XLS published by the Office of National Statistics for HM
Treasury Explanations are available as The historic precedence is a Motion from 1964. Current correspondence: Letter to the Chancellor of the Exchequer March 19, 2003 Response by Ruth Kelly MP as the Minister responsible April 15, 2003 |