CU Labour Club wants banks to put people before profit
The Feeling's Mutual in Cambridge
7th November 2009
CULC members campaign to remutualise the banks
CU Labour Club, in partnership with the Co-operative Party, has been calling this week on the government to put state-owned banks back into the hands of customers to protect the people and students of Cambridge and give them a real say in how their money is handled, as part of a campaign entitled 'The Feeling's Mutual'.
This Saturday Labour Club campaigners presented local people and students with specially designed cheques that call for a re-think of bank ownership at a street stall outside King's College. CULC campaigners argued that a mutual model of ownership make banks responsible to its customers and workers, rather than being 100% in hock to short-term speculative interests. Such mutual institutions are therefore far more stable and less susceptible to the kind of volatility the financial sector has suffered from in recent years. CULC collected pages of signatures on a petition in favour of the campaign.
The Co-operative Party, which is leading the campaign, has demanded that lessons are learnt from the banking crisis and that future solutions look to put people before profit. The Party argues that institutions which are run by their customers, like building societies, exist to serve their members and their community and are therefore more socially responsible.
CU Labour Club Chair George Owers said: "It is time for banks to put people before profit in Cambridge and around the country. We implore the government to take account of what Cambridge students are saying about bank ownership. The success of mutually owned organisations demonstrates that responsible banking is best achieved in a democratic and accountable way".
Supporters of the campaign can sign up at www.thefeelingsmutual.org.uk or on Facebook.
