Economy will crash again if financial system is not brought under control, Ann Pettifor tells Green Party conference

27 February 2011

At the Green Party national conference in Cardiff today, speakers warned delegates of the dangers of another crash, if long-term issues in the financial system are not tackled head-on. 

Underlining the lack of action so far, Ann Pettifor of the New Economics Foundation said:

"We need a banking system that subordinates its interests to society and to the ecosystem. We have to make the banking system work for us.

"As it stands, banks can roam free globally but when they need to be bailed out, they rely on tax payers.

"I believe that because we've done nothing to control it, the banking system will crash again."

Patrick Harvie, a Green Party MSP, highlighted the role the Green Party can play in a transition to a more stable economy. He said:

"Greens have been calling time on an unfair and unsustainable economic system for many years before the crisis of recent times.

"It's now vital that we show that another, fairer, greener economy is possible - indeed it's vital - but that the Tory-Lib Dem coalition are the last people to trust to build it."

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