New campaign calls for Treasury and Bank of England to “Create money for people, not financial markets” and abandon QE.
Campaigners with the pressure group Positive Money gathered outside the Bank of England on Wednesday evening to launch a new campaign calling for an end to quantitative easing in favour of alternative monetary stimulus measures. The group included City workers, academic economists and a veteran paratrooper.
The event came just two weeks after the Bank of England announced its intention to create £70bn in an attempt to stave off a recession. It will use the new money to flood financial markets and push up stock and bond prices.
At the launch event, Positive Money supporters held up banners saying “QE drives inequality”. This reflects increasing concern about QE’s distributional effects. A Bank of England report showed that because QE has kept stock and bond prices high, and 40% of stock market wealth is held by the richest 5% of households, QE has made those households better off by an average of £128k each.
Positive Money is launching its campaign for QE to be abandoned in favour of an alternative which doesn’t have the same negative side-effects. It recently coordinated a letter from 35 leading economists calling on the Chancellor to support the creation of new monetary policy tools. Alternatives to QE proposed by Positive Money include creating new money to finance a cash transfer to households, a tax cut, infrastructure spending or house-building.
Director Fran Boait said :
Theresa May has warned that QE increases inequality, and yet her government has just given the go-ahead for the Bank of England to do more of it. This time, we’re not going to stand back and watch this happen.
We’ve launched this campaign to call on the Chancellor to abandon QE and allow the Bank of England to create money for people, not financial markets. We are building a coalition of economists, policymakers and ordinary citizens to hammer this message home over the coming months”.
One of the economists supporting the campaign, hedge fund manager Eric Lonergan said, “Quantitative easing as currently implemented is distorting asset prices, with little tangible benefit to the economy. It may even be damaging, given its impact on pensions and savings.
These are no longer controversial observations. We need monetary policy to directly target household disposable income – through a citizen’s dividend”.
A Good Look At How Homes Will Become More Energy Efficient Soon
Everyone always talks about ways they can save energy at home, but the tactics are old school. They’re only tweaking the way they do things at the moment. Sealing holes in your home isn’t exactly the next scientific breakthrough we’ve been waiting for.
There is some good news because technology is progressing quickly. Some tactics might not be brand new, but they’re becoming more popular. Here are a few things you should expect to see in homes all around the country within a few years.
1. The Rise Of Smart Windows
When you look at a window right now it’s just a pane of glass. In the future they’ll be controlled by microprocessors and sensors. They’ll change depending on the specific weather conditions directly outside.
If the sun disappears the shade will automatically adjust to let in more light. The exact opposite will happen when it’s sunny. These energy efficient windows will save everyone a huge amount of money.
2. A Better Way To Cool Roofs
If you wanted to cool a roof down today you would coat it with a material full of specialized pigments. This would allow roofs to deflect the sun and they’d absorb less heat in the process too.
Soon we’ll see the same thing being done, but it will be four times more effective. Roofs will never get too hot again. Anyone with a large roof is going to see a sharp decrease in their energy bills.
3. Low-E Windows Taking Over
It’s a mystery why these aren’t already extremely popular, but things are starting to change. Read low-E window replacement reviews and you’ll see everyone loves them because they’re extremely effective.
They’ll keep heat outside in summer or inside in winter. People don’t even have to buy new windows to enjoy the technology. All they’ll need is a low-E film to place over their current ones.
4. Magnets Will Cool Fridges
Refrigerators haven’t changed much in a very long time. They’re still using a vapor compression process that wastes energy while harming the environment. It won’t be long until they’ll be cooled using magnets instead.
The magnetocaloric effect is going to revolutionize cold food storage. The fluid these fridges are going to use will be water-based, which means the environment can rest easy and energy bills will drop.
5. Improving Our Current LEDs
Everyone who spent a lot of money on energy must have been very happy when LEDs became mainstream. Incandescent light bulbs belong in museums today because the new tech cut costs by up to 85 percent.
That doesn’t mean someone isn’t always trying to improve on an already great invention. The amount of lumens LEDs produce per watt isn’t great, but we’ve already found a way to increase it by 25 percent.
Maybe Homes Will Look Different Too
Do you think we’ll come up with new styles of homes that will take off? Surely it’s not out of the question. Everything inside homes seems to be changing for the better with each passing year. It’s going to continue doing so thanks to amazing inventors.
ShutterStock – Stock photo ID: 613912244
IEMA Urge Government’s Industrial Strategy Skills Overhaul To Adopt A “Long View Approach”
IEMA, in response to the launch of the Government’s Industrial Strategy Green Paper, have welcomed the focus on technical skills and education to boost “competence and capability” of tomorrow’s workforce.
Policy experts at the world’s leading professional association of Environment and Sustainability professionals has today welcomed Prime Minister Teresa May’s confirmation that an overhaul of technical education and skills will form a central part of the Plan for Britain – but warns the strategy must be one for the long term.
Martin Baxter, Chief Policy Advisor at IEMA said this morning that the approach and predicted investment in building a stronger technical skills portfolio to boost the UK’s productivity and economic resilience is positive, and presents an opportunity to drive the UK’s skills profile and commitment to sustainability outside of the EU.
Commenting on the launch of the Government’s Industrial Strategy Green Paper, Baxter said today:
“Government must use the Industrial Strategy as an opportunity to accelerate the UK’s transition to a low-carbon, resource efficient economy – one that is flexible and agile and which gives a progressive outlook for the UK’s future outside the EU.
We welcome the focus on skills and education, as it is vital that tomorrow’s workforce has the competence and capability to innovate and compete globally in high-value manufacturing and leading technology.
There is a real opportunity with the Industrial Strategy, and forthcoming 25 year Environment Plan and Carbon Emissions Reduction Plan, to set long-term economic and environmental outcomes which set the conditions to unlock investment, enhance natural capital and provide employment and export opportunities for UK business.
We will ensure that the Environment and Sustainability profession makes a positive contribution in responding to the Green Paper.”