Closed petition Update the 1844 Bank Charter Act to include electronic money

Closed on 21 March 2014

The 1844 Bank Charter Act was introduced to prevent the economic instability caused by private commercial banks printing their own money. The government should consider the reason for this statute and update it to include electronic money, which makes up the majority (97%) of all money in the UK economy. Private banks have shown the are not to be trusted with the power to create money. This power to create money, both physical and electronic, needs to be returned to the Bank of England, and issued into the economy free of debt. This will restore balance to the economy and put an end to boom bust economics which is symptomatic of debt money, and uncontrolled credit (money supply) expansion.