Sign this statement – For public ownership of the banks

Introduction

As Owen Jones put it in the Guardian recently, “privately owned banks have proved a catastrophic failure – for our economy, our social cohesion and our politics. There is surely no alternative to public ownership… run by workers, consumers and local authorities, with an obligation to defend the best interests of our communities.” As Owen points out, existing Labour proposals for a “public investment bank, backed up by similar publicly run local banks… are not in themselves sufficient”.

Owen’s article comes in the context of a growth of debate about public ownership of the banks in the Labour Party. To push forward this debate, we are calling for Labour members to support this statement.

Dave Kirk, proposer of motion to Leeds West CLP (who submitted it to Labour Party conference)
Zack Murrell-Dowson, proposer of successful motion to Young Labour Policy Conference

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LABOUR SHOULD FIGHT FOR PUBLIC OWNERSHIP OF THE BANKS

We welcome the motion that the recent Young Labour conference voted overwhelmingly to submit to Labour’s policy process, calling for the next Labour government to bring “retail, commercial and investment banks into 100% democratic public ownership”, to create a public banking, pensions and mortgage service.

When banks are continuing to act in an utterly anti-social and irresponsible way, from the “publicly owned” RBS closing branches at a record rate to Morgan Stanley denouncing the possibility of a Corbyn government, demanding genuine public ownership and democratic control should be central to a strong Labour response.

As the motion proposed by the FBU and adopted by the 2012 TUC Congress put it, a “publicly owned banking service, democratically and accountably managed… [can] play a central role in building a sustainable economy, investing in transport, green industries, housing, creating jobs and assisting recovery in the interests of working people”.

Our party should campaign and pledge to convert the whole of the UK’s banking sector into a single democratic public banking service.

To sign use the form below

or email theclarionmag@gmail.com, with your name, CLP, union, positions held, etc.

SIGNATORIES SO FAR INCLUDE

Dave Kirk, Leeds West CLP, Unite

Zack Murrell Dowson, Bristol

Obi Saiq, Hackney South & Shoreditch CLP and Union Rep for BECTU

Maisie Sanders, Lewisham Deptford CLP EC and Lewisham Young Labour

Barnaby Marder, Richmond Park CLP EC, shortlisted for parliamentary candidate 2016, vice-chair Malcolm Hunter, Leicester South Labour Party

Shlomo Gareth Anker. Hampstead & Kilburn CLP.

Helen Rutherford-Gregory, Chester CLP EC

Jamie Sims, South West Surrey CLP.

Sahaya James, Hornsay and Wood Green CLP

Liz Yeates. Vice Chair, Charnwood Labour Party.

Kivlan Legate, Manchester Central CLP, GMB member.

Mick Arter. Mid Beds CLP, CWU member

Andy Warren Lewisham Deptford CLP

Kay Frances Ecclestone St Austell & Newquay CLP Social Media & Comms

Eleanor Clarke Holborn and St Pancras CLP

Vijay Jackson, Edinburgh Central CLP, Treasurer of Momentum Edinburgh, Scottish Labour Young Socialists ordinary members’ rep

Richard Somervail, Hackney North CLP

Nik Barstow, Secretary Stretford Branch, Stretford and Urmston CLP

Ed Whitby, Political Officer, Unison Mewcastle city branch , Newcastle East CLP exec

Justine Canady, Hornsay and Wood Green CLP, UCLU Women’s Officer

Jacob Whitby, Bury North CLP.

Simon Hannah, Tooting CLP, assistant branch secretary Lambeth Unison

Ray Goodspeed. Secretary of Cathall Ward and LGBTQ co-ordinator for Leyton and Wanstead CLP

Andrew Peak, Congleton CLP

Martin Thomas, Islington South and Finsbury CLP

Aaron Bennett, Darlington CLP; Organiser, Red Labour

Daniel Round, Vauxhall CLP

Jason Hill, Chair, Stoke-on-Trent North & Kidsgrove CLP; member of NEU, Musicians’ Union and Unite

Raquel Palmeira, Hornsey & Wood Green CLP

Rida Vaquas, Tamworth CLP and Momentum NCG

David Nicoll, Daventry CLP.

Robert Farley, Kettering, Northamptonshire

Daniel Antonio Villar, Oxford East CLP

Chris Jones-Gill, Basingstoke

Silvana Kelleher, Officer for women & disability + councillor candidate, Lewisham Deptford CLP, Unite Community member

Sue Hickey- London

Rob Lugg – Battersea CLP

Andrew Hardman, Bolsover CLP

Anthony McAuley, South Swindon CLP

Stephanie Powell, Worthing West CLP

Faraz Khan, Cambridge CLP, Unite, Peoples Cambridge People’s Assembly

Lynn Gibson, Spennymoor Branch Secretary

Kevin Freeman, Gedling

Lorna Wright, Colchester LP

Stuart Jordan, Secretary, Truro and Falmouth CLP

Stephen Wood, Hornsey & Wood Green CLP

Tim Cooper, delegate Nottingham East CLP

Dora Polenta, Rushcliffe CLP, Vice Chair (Policies) and Political Education Officer

Valerie Marriott, PEO Loughborough CLP, GMB, Unite Community.

Marcel Golten, Harrow East CLP Vice Chair

Jackie Barrett Havant CLP

Marc Lavelle, NW Derbyshire

Rob Marsden, Tamworth CLP

Jane Goodall,Truro and Falmouth CLP

Matthew Lee, Holborn and St Pancras CLP

Josh Chown, Guildford CLP, Youth Officer

Jamie Tarrant, Hastings and Rye CLP, Central Branch

Elizabeth Hallworth, South Cambs, Histon and Impington Labour ward

Stephen Walbey, RCT labour party

Chris O’Donovan, Harborough CLP

Paul Nelson, Beverley and Holderness UCATT

Paul Green, Dwyfor Meirionnydd CLP

Daniel Davison-Vecchione, Cambridge Universities Labour Club Graduate Officer

Steve Astbury, unemployed

Andrew Hardman, Bolsover Constituency & Labour Party member

Nicholas Davies, Hastings & Rye CLP, Labour candidate for Conquest Ward

Andy Forse, Oxford East CLP

Ronne Randall, Rushcliffe CLP

Christine Clifford, Cities of London & Westminster Vice Chair Membership, City of London Branch, Unite Community

John Kelly, Broxtowe CLP

Jon Dow, North Warwickshire CLP

Ann-Marie Halsted, Crawley

David Hassall, Chesterfield Labour CLP, Fellesforbundet Norwegian union member

Pam Bowery

Adrian Barker, Renfrewshire

Ian Stevens, St Ives

Gabrielle Vaughan, South Ribble, UCU

Jackie Barrett, Havant CLP, Unite

Councillor Terry Kelly, Renfrewshire North, GMB

Helen Bailey, Bristol South, Unison

B H Gwynne, Dwyfor-Meirionydd

Keith Wicks, Devizes

Jonathan Trapman, Wells

Kevin Gray, Arfon

Stephen McWilliam, Halton

Deborah Cunliffe, Devizes

John Nelson, Liverpool Walton, Unite

Philomena Hearn, Clwyd South

Trevor Meakin, Stroud

Natasha Pope, Dorset South, Unite

Amanda Frost, Salisbury

Trevor Easton, Newport East,

Adele Fletcher, Clayton Le Woods, Chorley

Brian Dooley, Wirral South, Unite Community

Rachel Harley, Thirsk and Malton

Bradley Scott, Bridgwater

Patricia Vollans, Barnsley Central

Simon Rowling, Rochester and Strood

Mary Rees, Brighton

Clare Ayton-Edwards, Kenilworth and Southam, PCS and Unite

Yvonne Gibbins, Grantham & Stamford, GMB

Lee, Lincoln, Boultham ward

Glenn Martin, Walsall South

Stephen Harrison, Wirral West

Jonathan Elliott, Canterbury, Unite Community

Leslie Trevor Woolridge, Stoke on Trent Central, GMB

Geoff Taylor, South Suffolk, Social Work Union – BASW

Beryl Brannan, Heywood and Middleton

Peter Gooder, Heywood and Middleton

Vanessa Hill, Canterbury, Unison

Allan Williams, Macclesfield, FBU

Francesca Mansfield, Warwick and Leamington

Laura Rogers, Truro and Falmouth, President Cornwall and IOS NEU (pc)

Lisa Parkinson, Bristol West, Unison

Neil Burton, Blackpool South

Gerald Phillip Weaver, St Austell

Carol Sherriff, Tamworth, Unison

Carol Forsbberg, Yeovil

Timothy Meredith, Harlepool, GMB

Peter McDonald, Unite

Derek Gunby, Vice Chair Hexham CLP, Unite Community

Liam McNulty, Hornsey and Wood Green CLP, Unite

Alex Stuart, Basingstoke, PCS

Liam Murphy, Leeds North West

Simon Hewitt, Shipley, UCU

Alex Blenkhorn, Denton and Reddish, Unison

Matt Saunders, Leeds

Councillor Joshua Bennett Lovell, Hertfordshire County Council, Stevenage CLP, Unite

John Beresford, Leeds West, Unite

Bernard Grant, Bath

M Entwistle, Lancaster

Susan Hammond, North Warwickshire

Dave Statham, Forest of Dean CLP, GMB Holborn (ex branch president, now life member)

Liam Dorcey, Truro and Falmouth, Unison and NUS

Daniel Nichols, Romford CLP (Political Officer), Unite Community

Andreas Bieler, Broxtowe, Political Education Officer, UCU Vice President at Nottingham University

Adrian Scandrett, South Northamptonshire CLP, Unite

Louise Ingham, Brecon and Radnor CLP joint Women’s Officer, Llandrindod & Builth Branch Secretary, Unison

Clare Ferris, Bootle CLP

Digger Johnston, Lewisham Deptford CLP GC

Nod Wallman, Hertfordshire, Unite

Ann Bywater, Loughborough CLP, Unison

Neil Niblock, East Hampshire

3 Comments

  1. In the wake of the catastrophe of the 2008 banking crisis and the austerity it brought in its wake, I welcome the general spirit in favour of bank nationalisation.

    There are two reasons (at least) why a state monopoly is essential.

    One reason relates to strategy for securing the public bank in the first place. This will require nationalisation of privately-owned banks. If the Corbyn government merely takes into public ownership “the largest” banks (to use Young Labour’s verbiage), this is an arbitrary criterion. There will be endless argument about which are “the largest”. This argument will not only occur in the political sphere. There would undoubtedly be court cases where “the largest” banks invoke Jeremy’s beloved European Convention on Human Rights (Right to Property Ownership, Protocol 1, Article 1) and argue that the British state’s deprivation of private property is arbitrary and therefore disproportionate and unlawful.

    The second argument for state monopoly relates to the end result. If we merely have a large state bank in competition with privately owned banks within a capitalist market, then these very rich institutions will be able to use their “deep pockets” to nab customers away from the state bank with short term offers, even if it is in the long term interest of customers to stay with the state bank. A bank may be small in the UK but big and rich in the world, particularly if linked to other banks.

    All the 1945 nationalisations were based on public monopoly, bar health – an exclusion which was a mistake! The better policy therefore would be to have a public monopoly in the banking sector, with only genuine building societies allowed to operate alongside the publicly owned bank.

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