Sovereign Money Creation for the UK?

To wake up and find this notification in my email this morning gives me some hope for fundamental monetary reform. At the moment it's only an overdraft extension, but it's a step in the right direction as it obviates the necessity for the UK government to enter into further arrangements with private sector banks while under duress from the current crisis.
I've been raving on for years about the evils and paradoxes of money created as interest bearing debt https://positivemoney.org/issues/debt/ by commercial banks as the driver of environmental and societal destruction and which has resulted in transfer of sovereignty from the institutions of democratic government to those of global corporate finance. This immense power imbalance came about as a result of society sleepwalking into an abusive relationship with financial institutions backed by the lie that they act as intermediaries between "savers" and "borrowers" (words that are in themselves lies in the manner of Orwellian Newspeak .

In 2008, after many years of this invisible transfer of economic power, the banks found themselves in the position of being "too big to fail", holding a gun to the head of supposedly sovereign governments in order to be bailed out, via "Quantitative Easing" (more Newspeak!), of a crisis entirely of their own making -the crisis of unrepayable debt. The governments always had it in their power to bankrupt the banks, restitute the individual account holders with newly created sovereign wealth, then recycle the banks mechanisms to become the administrators and intermediaries required to facilitate real-life business and day-to-day living. At that time they chose not to do so....this times things might be diffferent.

UK central bank becomes first in the world to adopt direct monetary financing to fund government spending during the coronavirus crisis. This move demonstrates once and for all that the government need not depend on private markets to finance its spending. This morning the Bank of England made the w...

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Major breakthrough on public money creation: The Bank of England will directly finance government coronavirus spending

UK central bank becomes first in the world to adopt direct monetary financing to fund government spending during the coronavirus crisis. This move demonstrates once and for all that the government need not depend on private markets to finance its spending. This morning the Bank of England made the w...