We the undersigned are petitioning Lambeth Council to move it’s money and bank with ethical financial providers.
In Vauxhall, where I live, the recession is hitting hard. Every day I witness the social consequences of the banking crisis and the resulting austerity. People are being pushed to the wall, there are no jobs, and there is no sense that things will improve.
As a public body, Lambeth Council manages millions of pounds of public funds for the people of the borough, and yet it banks with NatWest/RBS one of the banks which caused the financial crisis. This money could help to transform the financial sector.
If invested in ethical, mutual or local financial providers, it would help regenerate neighbourhoods, stimulate investment in green and social enterprise, and create new jobs.
Lambeth Councils current banking services contract expires on the 31st March 2013, and we call upon the Council to use this opportunity to select a financial provider more in-line with its Co-operative Council values; and:
1. Open an account with a local credit union so that our money is being reinvested into the local community, and reducing reliance on pay-day loans and loan sharks
2. Review the weighting of the councils criteria for procuring financial service providers, to give due consideration to the social, ethical, and environmental benefits of banking with an ethical or mutual financial provider.
3. Move the Councils Money to an ethical or mutual financial provider, as relevant contracts come up for review. http://www.moveyourmoney.org.uk
Lambeth council currently banks with NatWest, which is owned by RBS. Besides playing a major role in the recent banking crisis - requiring a massive £45bn tax-payer-funded bailout, RBS has failed to meet its targets for lending to small businesses, continues to pay excessive bonuses and invests in in socially and environmentally destructive businesses and practices likes weapons manufacturing and tar sands oil exploration.
RBS has an ethical score of just 1.5 out of 20, and operates 1303 subsidiaries, 31% of which are located in offshore tax havens, which decrease the Government tax-take and increase the tax burden on communities.
Not only do mutual and ethical alternatives offer similar financial services to High Street banks like NatWest/ RBS, they also better serve the needs of households, businesses, and local communities and are more transparent and ethically responsible in their investment policies.
More information about the Move Your Money campaign can be found at: http://www.moveyourmoney.org.uk
For further reading on ethical banking and the problems with the High Street banks – please read the following:
Move Your Money to an ethical or co-operative bank
We the undersigned, petition Lambeth Council to move its bank accounts from NatWest, a subsidiary of The Royal Bank of Scotland Group, (RBS) to an ethical financial alternative.
Besides playing a major role in the recent banking crisis - requiring a massive £45bn tax-payer-funded bailout, RBS [see links to associated articles] has a published history of financing arms dealers, environmentally destructive activities and companies.
RBS has an ethical score of 1.5 out of 20, and operates 1303 subsidiaries, 31% of which are located in offshore tax havens.
Ethical alternatives, such as the Co-operative Bank, CCLA, and Triodos, offer similar financial services to the High Street banks, but are more ethically responsible with their investments, whilst actively promoting small business and investing in the development of our local communities.
The current Lambeth banking services contract expires on the 31st March 2013. We demand that Lambeth Council give due consideration and weighting to the significant community benefits of engaging the services of an ethical financial services provider. Following the recent success of the Move Your Money Month campaign - we call upon Lambeth Council to:
1. Open a short-term cash account with a local Credit Union
2. Review the Councils weighting criteria for vetting financial service providers, to give further consideration to the social, ethical, and environmental benefits of banking with an ethical financial provider.
3. Move the Councils Money to an ethical bank, as financial services contracts come up for review. http://www.moveyourmoney.org.uk