About the Bromsgrove Conference

    The first meeting of the Bromsgrove Group was held in October 1997 and was held every year thereafter, with Alistair McConnachie organising every Bromsgrove Conference from 1999 inclusive to the fifteenth and final Conference in 2011.

    Its purpose was to bring together, in loose association, people concerned about a variety of social, economic, environmental, academic, religious and ecological issues but who unite in a belief that the supply of money into the economy represents the root cause of their shared concerns. It was an opportunity to meet, network, discuss issues of vital importance based around reform of the money system, and to develop projects to promote our solutions.

    Although we came together from many diverse viewpoints, we were united in realising that the supply of money into the economy is the big issue that governs all the issues and without a solution, all attempts at social and environmental reform are thwarted because governmental organs of influence and authority simply plead they have “no money”.

    We were all generally agreed that the solution to this admission of economic inadequacy is a switch from funding mechanisms based on debt to funding mechanisms based upon the availability of people, skills and materials. This can most readily be achieved by direct public creation of the funds necessary to take up the shortfall between what is socially and environmentally desirable, and what is being achieved through the current practice of borrowing from the corporate banking system and not only borrowing, but borrowing with interest added!

    The third annual meeting of the Bromsgrove Group was held towards the end of October 99. Two important ideas came out of Bromsgrove 99.

    Firstly, a call for a regular newsletter to keep everyone in touch with what’s happening in the movement. Prosperity answered that call.

    Secondly, the need for a Statement of Belief to represent the basis we associate upon and which respects our diversity. See below for The Bromsgrove Statement, intended to represent this common platform.

    It avoided talking about the Basic Income, or the Just Price, or any other policy which might become possible once the system has been changed, but which at present, different individuals and groups have various opinions on. It sought to avoid the technicalities of change which are open to debate and disagreement; the aim was to achieve consensus with clarity and concision.


    We recognise:

    – The supply of money into the economy is the big issue which governs all the issues. The present economic system is debt-based. This means that virtually all money is supplied to the economy as a debt to be repaid, with interest, to the banking system.

    – Governments rely upon the majority of people going into debt to the banking system simply to create enough money to supply the economy. Governments, too, must borrow from the banking system to fund public expenditure. Taxpayers must then pay back the debt and interest repayments.

    – As a consequence of this debt-based economic system, we see the indebtedness of people, families, and countries growing daily. The present debt-based economic system perpetuates debt slavery, and this is ultimately destructive of society, the environment, and the planet.

    – The banking system creates money out of nothing. We are concerned at the claim that there is no money to fund vital public services, industries and social and environmental projects, when this money, at source, is created out of nothing. Governments should be able to supply money, debt-free, without having to borrow from the banking system. “Debt-free” means that it does not have to be repaid.

    – The debt-based economic system must be challenged and alternatives constructed. The economy needs a supply of money debt-free. Therefore;

    We affirm:

    – Money must be based on the real wealth of society – people, skills and materials – not on debt. The supply of money must relate to these physical facts – not to the requirements of the banking system.

    – Money is the means of exchange for the goods and services produced by this real wealth. It is not a commodity itself.

    – The purpose of an economic system is to provide goods and services – as, when and where required – in order to satisfy human needs.

    – Money must be our servant – not our master.

    – Money, at source, is created out of nothing, so there is no need for it to be scarce.

    – Whatever is physically possible and socially desirable can be made financially possible.

    – The present economic system can, and will, be changed for the better. Consequently;  

    We propose:

    – That the government – via a democratically accountable authority – undertakes the creation of a supply of money, debt-free, into the economy.

    – This authority should spend, not lend, a supply of money into circulation on the basis of proven need. This will reduce the overall burden of debt in society, break reliance upon the banking system for the supply of money, empower people democratically, and open potential for limitless change.

    Association in the Bromsgrove Group was open to individuals and organisations which supported this statement of belief. Respect was paid to the different options for change represented by different members within this statement of belief.