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Use Of Public Credit For Public Works

EDM number 327 in 2004-05, proposed by Austin Mitchell on 07/12/2004.

That this House is concerned by the conclusion of the report by the Association of Chartered Certified Accountants (ACCA) that private finance initiative is an expensive way of financing and delivering public services; urges the Treasury to commission an independent review of the benefits of using public credit and increasing the proportion of publicly created money as alternative means of financing public works; notes that the case for using public credit in this way is strengthened by the fact that, as measured by the proportion of publicly created money in circulation, public credit fell from 20 per cent. of the money supply in 1964 to 3 per cent. today; suggests, therefore, that an increase in the proportion of publicly created money should be used to cut the costs of public investment and to boost the total amount of public spending without borrowing or taxation; considers that this can be done without any impact on inflation; and therefore urges the Chancellor to develop and use public credit rather than accumulating even more debt or enriching the private finance initiative and public private partnership contractors who are making vast profits from the Government's desire to provide alternatives to borrowing, even though this one is more expensive in the end.

This motion has been signed by a total of 28 MPs.

Austin Mitchell07/12/2004Great GrimsbyLabourProposed
Bob Russell07/12/2004ColchesterLiberal DemocratSigned
Martin Smyth08/12/2004Belfast SouthUUPSigned
Martin Caton08/12/2004GowerLabourSigned
Ann Cryer08/12/2004KeighleyLabourSigned
Mike Hancock08/12/2004Portsmouth SouthLiberal DemocratSigned
Harry Barnes08/12/2004North East DerbyshireLabourSigned
Paul Holmes09/12/2004ChesterfieldLiberal DemocratSigned
Kevin McNamara09/12/2004Kingston upon Hull NorthLabourSigned
David Drew09/12/2004StroudLabour Co-operativeSigned
David Taylor09/12/2004North West LeicestershireLabour Co-operativeSigned
Paul Tyler09/12/2004North CornwallLiberal DemocratSigned
Kelvin Hopkins13/12/2004Luton NorthLabourSigned
Rudi Vis13/12/2004Finchley & Golders GreenLabourSigned
Janet Dean13/12/2004BurtonLabourSigned
John McDonnell13/12/2004Hayes & HarlingtonLabourSigned
Alan Simpson13/12/2004Nottingham SouthLabourSigned
Adam Price13/12/2004Carmarthen East & DinefwrPlaid CymruSigned
Lynne Jones14/12/2004Birmingham, Selly OakLabourSigned
Neil Gerrard14/12/2004WalthamstowLabourSigned
Nigel Jones15/12/2004CheltenhamLiberal DemocratSigned
Terry Lewis15/12/2004WorsleyLabourSigned
John Pugh21/12/2004SouthportLiberal DemocratSigned
John Barrett10/01/2005Edinburgh WestLiberal DemocratSigned
Richard Taylor13/01/2005Wyre ForestIndependentSigned
Simon Thomas17/01/2005CeredigionPlaid CymruSigned
Bill Etherington18/01/2005Sunderland NorthLabourSigned
Brian White18/01/2005North East Milton KeynesLabourSigned

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