LibLink: Stephen Williams says MPs should move their money from big banks

In an article in The Spectator, Stephen Williams argues:

The Libor scandal has shown the UK’s banking sector in its worst light. The public has lost trust in the big banks and are concerned that their politicians are more interested in political point scoring than the urgent task of fixing our broken banking system.

That is why, last year, I joined the Move Your Money campaign, which urges the public to use their consumer power to change the behaviour of the big banks by moving their money, or at least some of it, to ethical, local or mutual financial institutions.

He has taken action himself, by opening an account with an ethical bank. Moreover:

This morning, I emailed all Parliamentarians calling on them to join the campaign; we all want a better banking system, now we need to put our money where our mouths are. I’ll continue to urge all parliamentary colleagues, including ministers, to move their money.

For too long, the UK has been at the mercy of five big banks. They cannot continue as they do, failing to lend to small businesses, paying undeserved bonuses and ripping off their customers. Half a million ordinary people have already taken a stand and moved their money; now it’s Parliament’s turn.

You can read the full article here.

 

* Mary Reid is a contributing editor on Lib Dem Voice. She was a councillor in Kingston upon Thames, where she is still very active with the local party, and is the Hon President of Kingston Lib Dems.

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