Finance (Public Projects)

Delegated Legislation – in the House of Commons at 10:01 pm on 11th November 2008.

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Photo of Norman Baker Norman Baker Shadow Secretary of State for Transport 10:01 pm, 11th November 2008

I have been asked to present a petition from London Global Table that advocates a new non-inflationary financial mechanism, free from interest, and the use of national bank-issued interest-free loans is such a mechanism. It draws attention to the fact that such mechanisms are in applicable and in use in Canada, New Zealand, Guernsey and Malaysia, and urges the Government to bring forward legislation to enable the Bank of England to issue interest-free loans for public, environmental and cleaner-electricity capital projects.

Following is the full text of the petition:

[ The Petition of London Global Table (an association of people concerned for Global Justice) and others of like disposition.

Declares that the United Kingdom uses interest-bearing money to fund public capital projects thereby increasing the National Debt; requires a new non-inflationary financial mechanism free from interest; the use of national bank-issued interest-free loans is such a mechanism.

Further declares that in the past such a mechanism (using national bank-issued interest-free or low-interest loans) has been successfully used for public capital projects in Canada, New Zealand, and Guernsey and is believed to be currently in use in Malaysia .

The Petitioners therefore request that the House of Commons urges the Government to bring forward legislation to enable the Bank of England to issue interest-free loans for public, environmental and clean electricity capital projects, such loans to be repaid and, on repayment, cancelled, thereby halving or more the usual cost in a non-inflationary way.

And the Petitioners remain, etc. ]

[P000286]

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