Time for Green quantitative easing

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Letters: Less is more in Copenhagen | Environment | The Guardian .

Alistair Darling's package of public spending cuts could prove to be recklessly tight (City bonuses under threat of windfall tax, 7 December): cutting public spending now could send our still fragile economy into a downward spiral.

Instead, the moment demands a bold programme of green quantitative easing — investment in the economy with the condition that it is spent on low-carbon initiatives. This would create employment, generate tax revenues and reduce government debt. A tiny fraction of the amount spent bailing out the banks could create thousands of long-term jobs in the energy efficiency sector. We have a unique opportunity to turn our ailing economy into what Jackie Ashley describes as a "make and do" economy, setting us on the transition to a low-carbon future (Comment, 7 December).

It remains to be seen whether Copenhagen can deliver the agreement the world needs on climate change. Yet, a plan is on the table which could deliver action worth a thousand negotiating positions. It is called aGreen New Deal. Implementing it now would show real global leadership.

Andrew Simms Policy director, Nef (the new economics foundation) and Green New Deal group member, Ann Pettifor nef fellow and Green New Deal group member, Colin Hines Convenor, the Green New Deal group,Richard Murphy Director, Tax Research LLP and Green New Deal group member


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