Photo credit:   Jan Brašna

Money is a vital public utility, but it is far from the neutral commodity that orthodox economics would suggest. Around 97% of money currently in circulation in the UK is actually created by commercial banks. NEF's work examines how the monetary system actually works, to build understanding that both the production and allocation of money are socially and politically determined.

Key Facts

Featured Work

Blog post // March 14, 2014

Bank of England backs NEF on money creation

It's commercial, not central banks that make our money More

Publication // June 30, 2013

Strategic quantitative easing

Stimulating investment to rebalance the economy.


Publication // December 12, 2012

Where Does Money Come From?

What is money? How is it created? How does it enter into circulation?