The discovery by the Bureau of Investigative Journalism that the financial services industry spent £92m last year lobbying politicians and regulators shows how deeply entrenched the banks have become in the UK power structure contrary to the public interest. The documents show that that lobbying firepower was used to slash UK Corporation Tax (Osborne caving in to […]
Posts Tagged ‘Banks’
Key to challenging power of banks is regaining control of money supply
Jul 10th, 2012 by Michael Meacher.
This latest bank crisis leaves several vital questions unanswered
Jul 3rd, 2012 by Michael Meacher.Since the rigging of the key inter-bank lending rate (LIBOR) has been going on since 2005, why did it require the US Department of Justice to bring this enormous scam to light and why were the British authorities (FSA, Bank of England and Treasury) asleep at the wheel? Why were the top management of the banks so monumentally incompetent, or so wilfully blind, as not even to notice a clue in 7 years?
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Consumer credit market winners: payday lenders
Mar 1st, 2012 by Carl Packman.The Bank of England recently published the trends for lending for January 2012. They show that: The major UK lenders are Banco Santander, Barclays, HSBC, Lloyds Banking Group, Nationwide and Royal Bank of Scotland and together they accounted for around … 45% of the stock of consumer credit.
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RBS bail out: Not again. This time, nationalise
Oct 7th, 2011 by Richard Murphy.The FT warns this morning that there are widespread fears the the government will have to bail out RBS, again. RBS passed the so-called European stress test in July, but that test failed to take into account the likely failure of Greek and other debt. Now that failure is likely and the EU is demanding new stress tests then RBS […]
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Let them default
Sep 20th, 2011 by Ann Pettifor.I recorded this interview with Australia Broadcasting ’s daily show. This went out on 15th September.
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Banks get £46bn in “too-big-to-fail” subsidy
Sep 10th, 2011 by Newsdesk.As the Vickers Commission prepares to launch their final report on Monday 12 September 2011, analysis by nef (the new economics foundation) quantifies the ‘too-big-too-fail’ subsidy for each of Britain’s ‘big five’ banks for the first time, and argues that the Commission’s proposals are too narrow to be effective.
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Vickers is a cop-out – banking to stay dangerous
Apr 12th, 2011 by Michael Meacher.The Vickers report is a cop-out. Perhaps we should never have expected anything else, for two reasons. When bankers, as research has shown, now provide half of Tory party funding, it is highly unlikely that a Tory Government will set up a Commission on Banking that significantly penalises banking interests when that might seriously jeopardise […]
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End reverse socialism for the banks
Apr 7th, 2011 by Michael Meacher.As has often been said: the banks have a policy: privatise their gains, socialise their losses. However we should have a different policy: make the banks pay for what they have done and restructure them so that they can never do it again. Fat chance of course that anything like this will ever happen under […]
