3 July 2012
Green Party: It's time to stop the rot of the banking industry.
Barclays must have their banking licence withdrawn
The resignation of Marcus Agius, Chairman of Barclays Bank, in the wake of the Libor (London Interbank Exchange rate) will do little to assuage public anger over the banking industry. A flagrant disregard for banking rules and regulations in a bid for profit maximisation lies at the heart of the scandal.
Conspiring to rig Libor, damages London's reputation as a major international financial centre and raises questions about our commitment to living in an ethical and democratic society and further undermines what little faith, if any, the public has in our banking system.
The Green Party calls on the public to support the recent e-petition filed by Molly Scott Cato to the Treasury of HM Government, calling for a withdrawal of Barclay's Banking Licence.
"Within a capitalist economy banks perform a vital function in facilitating the production and exchange of goods and services. In return for fulfilling this role responsibly they are allowed to hold banking licences, which brings them great benefits in terms of the ability to create money through making loans. The systematic manipulation of the LIBOR value to serve its business interests makes clear that Barclays is not a fit company to hold a banking licence. We call upon the government to withdraw Barclays banking licence"
We urge people to move their money to a more ethical bank