Legislation is passed to prevent the creation of electronic money outside of the Bank of England. The Bank of England is the sole institution able to create money ellectroically and physically. The Bank of England is completely independent of the government. They are set inflation and deflation targets and create debt free money accordingly with open targets published for the public. When they need to create more money they give the money to the treasury to be spend into the economy debt free for the benefit of the public. How the money is spent is up to usual democratic systems. It can be spent on welfare if left winged or spent to pay of the national debt and reduce taxes if right winged, or even a social credit for all citizens. This is up to the voter. Banks continue as normal except they can only lend money that is deposited and agreed by the depositor to be lent as the old building society model operated. The financial system continues as normal. The government may choose to borrow. The old debt is repaid to the central bank in a one of transition from debt money to debt free money. The money supply will be reported as one figure M rather than M0, M4 etc. It is open, clear and transparent. Money becomes a genuine median of exchange and banks continue the profit making activity of lending money.