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
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 firstname.lastname@example.org, with your name, CLP, union, positions held, etc.