Interest and the economy

Motion Text

That this House notes recent reports from the Bank of England that banks and financial institutions in the UK currently have more than £170 billion in personal accounts which pay zero interest; further notes that the public purse was used to rescue banks in 2008 and many of the same institutions have social responsibilities which they espouse; and calls upon the Chancellor of the Exchequer to begin discussions immediately with a view to financial institutions making a pre-Christmas 1 per cent interest payment on these accounts via a coupon or voucher redeemable on the High Street, not online, thus providing a boost to local retailers of up to £1.7 billion, boosting consumer confidence at no cost to the public purse.