Archive for 'banking'
Remutualise the Rock
A remutualised Northern Rock would be a shining example of the difference between Labour and the Tories, writes Michael Stephenson This week the chancellor will announce his next move in deciding the future of the banks the government wisely bailed out at the height of the credit crunch. When he makes his statement to the [...]
Independent report backs Co-operative Party campaign to re-mutualise Northern Rock
The Co-operative Party has called on the Government to act decisively on an independent report from the University of Oxford urging Northern Rock and other failed former building societies to be returned to the mutual sector. In a packed set of fringes at last week’s Labour Party Conference, the Party, Members of Parliament and figures [...]
There’s no sector more in need of co-operative values than the banks – it’s time for a Financial Inclusion Act
I won’t be the first blogger during this particular guest editorship to remind people of the important role that co-operative values and principles have to the future of our economy. The challenges that we face mean that we need to pioneer a new way of doing business: an approach that will underpin the long term [...]
Want to see a sustainable future for British banking? The Feeling’s Mutual
The image of hundreds of people queuing to withdraw their money from Northern Rock is still one of the most dramatic to have emerged from the financial crisis. The Rock symbolises and embodies for many the failures of the old system, of regulation, of unrestricted greed – and the failures of the last Tory government. [...]
Cheltenham & Gloucester disappears – another sad day
The closure of all 164 branches of the Cheltenham and Gloucester Bank is further proof that the de-mutualisation of former building societies has been a disaster. Today Michael Stephenson, our General Secretary said: “The disappearance of the once iconic C&G name from the high street and the possible loss of 1,500 jobs is a sad [...]
Mutual attraction
Mutualism is the best way to ensure the long-term health of our banks and the economy, argues Michael Stephenson The credit crunch and its painful aftermath is dominating the political landscape and is destined to do so for some time. Yet most of the analysis and commentary inflicted on an overwhelmed public have been both [...]
Darling backs mutual model
As the Co-operative Party continues to push for the re-mutualisation of the failed banks, principally Northern Rock, we’ve had welcome news from Government. Alistair Darling has signalled he will show support for the mutual model in a white paper on our financial system, as the FT reported last week. This is great news, and we [...]
Goodbye Gucci. It’s the age of co-op capitalism
Two articles in two days in The Times appear to call for a new mutual world order. Today, Noreena Hertz declares that she believes “that the conditions are in place for a new form of capitalism to arise from the debris – co-op capitalism, with co-operation, collaboration and collective interest at its core.” She states [...]
Treasury Select Committee: The future’s mutual
Something we failed to pass on in recent weeks has been the Treasury Select Committee’s investigation of banking, building societies and the Government’s response. The media coverage was dominated by bankers’ apologies and Chairman John McFall MP’s tough style. But the meeting of 4 February heard evidence from the building societies. The transcript is here, [...]
Support grows for remutualising B&B, Northern Rock
Bradford councillor and Co-operative Party NEC member Paul Flowers has spoken to the Bradford Telegraph & Argus about the future of local employer Bradford & Bingley. Paul supports the Party’s campaign to bring the failed banks back into mutual ownership: “The mutual sector’s business values are not based on making a quick buck but in [...]
