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Dear John,
Liz Truss’s government are trying to bring in new laws to deregulate the banks - they want to water down the rules that were brought in after the 2008 financial crash to stop another one happening. [1] If they win, the consequences could be catastrophic for inequality and our planet. So thousands of us are coming together to stop them. [2]
This is going to be a big fight, so we need as many of us in as possible. It starts with a big petition. John, please will you add your name to the petition to Stop Liz Truss Deregulating the Banks now? |
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After Brexit, the UK government is re-writing the rules for banks in the City of London. And it's scary what some ministers want to do. First they lifted the cap on banker bonuses, and now want regulators to help banks push a "growth and competitiveness" agenda - which basically means they want to let banks do the type of reckless gambling that made them super rich, but crashed the financial system in 2008. [3] And it could make it harder to stop banks wrecking our environment for future generations.
The good news is that we're already making some progress pushing back against this power grab by City elites. We're part of a big coalition of groups called Finance Our Future. We believe in making banks work for people. Together, we've already helped get some of the worst bits out of the Bill. [4] But there's still lots we need to fight to change.
We’ve seen that this government U-turns when faced with public pressure. This week the powerful Treasury Select Committee started looking closely at the proposed Bill. And MPs will soon be voting on it. So we need to move fast. John, please will you help stop us going down the dangerous path of a deregulated City of London? |
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Thank you for all you do,
Rachel, Anna and Zack from the Positive Money team
Notes: [1] The UK is undertaking the biggest reforms to financial regulation in a generation. The Financial Services and Markets Bill will fundamentally rewrite the rules that shape this critical sector. Financial Services and Markets Bill - Parliamentary Bills - UK Parliament [2] We are part of the Finance For Our Future coalition. We believe this Bill is a crucial opportunity to shape the financial sector so it meets the challenges we’re facing today, not to repeat the mistakes of the past. See the principles of our coalition here: Home (financeforourfuture.org) [3] Here’s a handy list explaining why "competitiveness" is bad: Competitiveness….. > Is a veto on democracy > Is a power grab by City elites > Will weaken public protections and standards > Will suck wealth and talent out of the real economy > Will lead to financial crises > Will increase London’s dominance > Will foster greenwashing > Will downgrade the economy
[4] Our partners at the Finance Innovation Lab found that all major banks (bar one) lobbied for regulators to be given a new “primary” objective to promote the competitiveness of the financial services industry. But when the Financial Services and Markets Bill was introduced to parliament just before summer recess, it proposed a weaker “secondary objective”. That’s positive progress.
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