NATALIE Bennett, Leader of the Green Party of England and Wales, and Molly Scott Cato, MEP for the South-West and the Green Party’s Finance Spokesperson, spelled out the urgent need for banking reform at a packed Green Party fringe at Autumn Conference today (26 September).
Bennett told Conference that seven years on from the worst financial crisis in living memory we are still nowhere nearer to having the “safe, fair and democratic banking system” we desperately need.
Bennett and Scott Cato re-iterated Green calls for significant structural changes to the banking sector and for a fundamental change to banking culture so that banking works for the 99% not just the 1%.
Bennett said:
“It’s clear we’re still heading in the wrong direction – maintaining a system giving bankers a free rein. Risk is growing and that puts our economic future in jeopardy.”
Scott Cato, who updated conference attendees on Greens’ extensive banking reform successes in the European Parliament, said:
"The banking regime is almost as bad, and in some cases worse, than that which caused the crisis.
“Greens in the European Parliament are pushing for separation of retail and commercial banking and have already succeeded in limiting banker’s bonuses.
“Our banks need to be a servant of the people, not the finance sector and Europe’s elites.”
Bennett and Scott Cato were joined by Fran Boait, Executive Director, Positive Money, who said:
“The Green Party are the only party in Europe who have a detailed policy on monetary reform and they should be applauded for that.”