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
[contact-form to=”email@example.com” subject=”Nationalise the banks”][contact-field label=”Name” type=”name” required=”1″][contact-field label=”Email” type=”email” required=”1″][contact-field label=”Constituency (and position held if any)” type=”text” required=”1″][contact-field label=”Trade union (and position held if any)” type=”text”][/contact-form]
or email firstname.lastname@example.org, 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
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
Cannot see how to sign , but have shared and tweeted.
Fixed. And thanks for sharing.
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.