Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/666/11754

From The Socialist newspaper, 13 April 2011

Banking giants avoid punishment

When share prices in Barclays Bank and Royal Bank of Scotland rose by over 3% last week, the markets made it clear that the Banking Commission's interim report into the 2008 financial meltdown is, in fact, a paper tiger.

Simon Carter

Workers suffering the effects of cuts in jobs and services will be extremely disappointed by the lack of regulation of the banks, like Barclays, who pay little in taxes.

The commission's chair, Sir John Vickers, attempted to assuage a sceptical public by saying: "In no sense at all are these half measures ... these are absolutely far-reaching reforms."

Instead of the bottomless bailouts of billions of pounds in public funds to the bust banks, the commission meekly suggested that banks hold more cash in reserve. The report recommended holding 10% - as opposed to 7% as set out in new European regulations - but contradicted this by saying it wasn't proposing that UK investment banks should hold higher capital ratios than their international rivals.

Holding more reserves will mean less profits and banks will inevitably seek to recoup any losses through higher charges to customers on loans, overdrafts and mortgages.

Even the mild reform of separating the retail and investment arms of the banks was kicked into touch with Vickers telling the BBC that "total separation is not necessary".

Like previous inquiries into bankers' bonuses and financial chicanery it's clear that the establishment is not going to bite the hand that feeds it.

The Tory Party is inextricably linked to finance capital and its interests, receiving over 50% of its funding from the City last year.

'Being rewarded for failure' appears to be the bankers' leitmotif and, as usual, it's the ordinary punters who are picking up the tab through huge job losses, massive cuts in services and declining living standards.

Instead of bailouts, a workers' government would nationalise, under democratic control and management, the big banks etc, as part of a plan of production, to guarantee cheap loans and credit to the public and small businesses.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 13 April 2011:


Anti-cuts campaigning

NHS IN THE FIRING LINE

Vote socialist to fight the cuts

Fight the cuts by supporting TUSC

Fighting the cuts after 26 March demo

Hands off our services - Westminster

Hands off our Services - Leeds


Socialist Party editorial

Middle East and North Africa


Socialist Party feature

Con-Dems' economic policy... austerity, austerity, austerity!


Socialist Party workplace news

Jobcentre Plus call centre strike

Saltend lock-out

Unison health conference

NUJ conference calls for general strike

Striking against a Coventry academy

NSSN conference


International socialist news and analysis

Portugal:'We won't pay their debt!'

'Unions and socialism to blame for deficit' - rants Glenn Beck


Youth Fight for Jobs

Jarrow jobs march gains momentum


Socialist Party news and analysis

Coordinated strike action to defeat the cuts

Banking giants avoid punishment

No to nuclear power - nationalise the environment-unfriendly energy giants

News of the World admits it

Chauvinist 'thoughts' from David Willetts


 

Home   |   The Socialist 13 April 2011   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Banks:

triangleRBS to sack 1,000: nationalise the banks

triangleAmber warning lights flash on British economy

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

triangleThem & Us

triangleDefuse the consumer debt time bomb: nationalise the banks!

Bankers:

triangleTories torn - bin them now

triangleBarclays finally charged for having hands in till

triangleCampaign launch: "rip-off bosses and greedy bankers - enough is enough!"

triangleTop banks post 67% of profits in tax havens - nationalise the banks!

Reports and campaigns

Reports and campaigns

7/12/17

RMT

Anti-DOO lobby of Liverpool's transport committee

7/12/17

Blacklisting

Unite protest against blacklisting

6/12/17

Donald Trump

Mobilise to stop bigoted billionaire Donald Trump's state visit to Britain

6/12/17

Transport

Arriva bus strikers stand firm

6/12/17

Pensions

BT pensions review - oppose the attacks on the pension schemes

6/12/17

PCS

Driving examiners walkout hits first day of new test

6/12/17

Newham

School staff strike against privatisation

6/12/17

Rail

Brutal rail privateer Abellio takes over Midlands rail services

6/12/17

PCS

PCS Left Unity celebrates 40th anniversary at annual conference

6/12/17

North Yorkshire

Court maintains injunction against fracking protesters

6/12/17

Waltham Forest

Waltham Forest Universal Credit protest

6/12/17

Coventry

Coventry Socialist sales hit 1,000

6/12/17

TUSC

TUSC conference to debate 2018 elections

6/12/17

Liverpool

Liverpool John Moores Uni landslide for Socialist Students

6/12/17

Kirklees

Plans to launch no-cuts campaign at Kirklees College

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle8 Dec Local government pay: fight for the full 5% claim

triangle6 Dec Strikers rally in Liverpool

triangle6 Dec Corbyn's Labour can defeat Tories with socialist programme

triangle5 Dec Victory at Glenfield shows people power can save our NHS

triangle5 Dec Labour council Blairites deselected

triangle30 Nov Victory: Glenfield Children's Heart Centre saved!

triangle30 Nov Dramatic retelling of Grunwick strike

More ...

triangle12 Dec Birmingham South East Socialist Party: Can the Labour Party be changed?

triangle12 Dec Liverpool Socialist Party: Fighting council cuts

triangle13 Dec Caerphilly Socialist Party: Are we heading for an era of war?

triangle14 Dec Wakefield Socialist Party: Universal Credit - the Tories' latest assault on the poor

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2