Democratic public ownership of banking and finance

Conference condemns the ‘business as usual’ approach the banking and finance sector has taken post the 2008 crash, the UK still has a substandard banking system and there are numerous concerns around the lacklustre regulation and measures that have been introduced in the past decade.

Conference applauds the Fire Brigades Union (FBU) 2012 pamphlet on public ownership of the banking and finance sector in the UK, as a contribution to the debate after ‘The Great Recession.’

Conference reaffirms the FBU motion that was successfully moved and passed at the Trades Union Congress (TUC) 2012. It helped facilitate debate and discussion on the issue across the labour movement and build opposition to the Tory-led coalition government.

Conference believes that the Covid-19 pandemic has shown that the levers of the state are required and most effective at responding to crises. Regulation alone is not the antidote to a dysfunctional and corrupt banking and finance system, there must be full democratic ownership.

Conference believes the salience of the case to tackle the existential threat of climate change signals the need to reignite the discourse on public ownership of banking and finance.

Conference supports the demand for public ownership to extend to banking and finance like other privatised sectors including energy, water, mail, broadband and transport.

Conference instructs the Executive Council to work with the TUC and the wider trade union movement to commission research that will make a renewed case for full public ownership of the banking and finance sector and the creation of a publicly owned banking service, democratically and accountably managed in the UK.