[wdmmg-discuss] Fwd: nef e-letter: Where did our money go? The black hole of bank bail-outs

Mon Oct 18 16:20:36 UTC 2010

Just in case anyone missed this!

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From: new economics foundation <andy.wimbush at neweconomics.org>
Date: Tue, Oct 12, 2010 at 3:20 PM
Subject: nef e-letter: Where did our money go? The black hole of bank
bail-outs
To: Jonathan Gray <jonathan.gray at okfn.org>

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  Where did our money go? The great banking black hole
  [image: A black
hole]<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=081b844abb&e=0a31531bc9>

 Last week *nef*'s banking campaign delivered a stark warning about the
state of the UK's financial system. Using Bank of England data,
*nef*calculated that the major lending banks could be demanding
another bail-out
in 2011. Their borrowing requirement is set to double next year to £25
billion a month. *nef* believes that the banks may need to turn to the
Government for support again.

George Osborne denied that banks would need further support, but *nef*'s
head of finance and business, Tony Greenham said, "The Chancellor has no
room for complacency when it comes to the health of British banking, which
remains dangerously dependent on state backing and support schemes."

Banks appear no more accountable than they were before the credit crunch. We
need urgent action on regulation to prevent such crises happening again.

>> Read *Where did our money go?*<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=9cfa16887b&e=0a31531bc9>
>> *Independent: *Banks may need new bail-out, warns think-tank<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=24e2f46e4a&e=0a31531bc9>
>> *Sky News: *UK on cusp of new banking failure<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=0147846993&e=0a31531bc9>
>> *Financial Times: *Lex column on UK bank reform<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=94dcc66a55&e=0a31531bc9>
>> Andrew Simms*: *Is Osborne cutting for a rainy day of bail-outs?<http://neweconomics.us1.list-manage1.com/track/click?u=40c80d32fb3b6520005cc05f9&id=6088a41d34&e=0a31531bc9>  Special
nef event at the Southbank Centre, London, 7pm, 27 October 2010
  [image: The overgrown High Line railway in New York
City]<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=0924707c41&e=0a31531bc9>

Not only is our banking system not even fulfilling its most basic purpose of
bringing credit to firms and households, it's not currently in any shape to
help us make the Great Transition to a low carbon economy that is necessary,
desirable and possible. *nef* is hosting an evening of righteous rage and
cultural transformation at the Purcell Room in the Queen Elizabeth Hall at
London's Southbank Centre with a range of leading thinkers and doers
including *Caroline Lucas*, *Stewart Wallis*, *Andrew Simms*, *Franny
Armstrong*, *Professor Jayati Ghosh*, *Rosie Boycott* and *Professor Tim
Jackson*.

Tickets are £10 or £7 for concessions and are going fast. Avoid
disappointment by booking today and call 0844 875 0073 or visit the
Southbank Centre
website<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=a6b12c1767&e=0a31531bc9>
.

>> Read *The Great Transition*<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=07c82e09be&e=0a31531bc9>
>> Watch Tim Jackson's TED talk: An economic reality check<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=c45c6379ed&e=0a31531bc9>
  nef at party conferences
  [image: Andrew Simms and Vince Cable]

*nef* continued to press the issue of banking reform at all three major
party conferences, hosting events at the Climate Clinic to challenge
politicians to consider whether finance can really deliver the green
infrastructure we need.

We held packed out events even at the most inhospitable hours. The Secretary
of State for Business, Vince Cable, spoke alongside *nef*'s Andrew Simms and
Tony Greenham to a full room at 7.30 on a Sunday morning. Dr Cable agreed
with much of our analysis of why a laissez-faire approach to banking tends
to end in failure, and praised *nef*'s work for drawing links between
economic, environmental and social issues.

Dr Victoria Johnson, acting head of the climate change and energy programme
at *nef*, also heard from many renewable energy pioneers who concerned that
the UK has a growing green skills gap. A Green Investment Bank is needed to
drive forward innovation and training in vital sectors for the emerging low
carbon economy.

>> *David Boyle: Vince Cable and the Green New Deal<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=050775e69c&e=0a31531bc9>
*
>> *Tony Greenham: Osborne's conference speech was 20th century, not 21st<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=71d3d648cd&e=0a31531bc9>
*
  RSA hosts lunchtime event on the Big Society, 4 November 2010
  [image: Hands in the
air]<http://neweconomics.us1.list-manage1.com/track/click?u=40c80d32fb3b6520005cc05f9&id=d3eb870836&e=0a31531bc9>
The
Coalition government wants to build a Big Society; but how do we ensure the
idea is not just big, but also sustainable and fair? In the face of deep
public spending cuts, the Prime Minister has consistently repeated the
message that “we’re all in this together”.

But can the Big Society project deliver just and equitable distribution of
resources and well-being across all social groups? Join *Anna Coote*, head
of social policy at *nef *and author of *Ten Big Questions about the Big
Society*<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=560c125fae&e=0a31531bc9>and
a panel of discussants at the Royal Society of Arts in London to
debate
the Big Society<http://neweconomics.us1.list-manage1.com/track/click?u=40c80d32fb3b6520005cc05f9&id=66f6510ade&e=0a31531bc9>,
social justice and the new austerity. *nef* will be launching a new
publication about the Big Society, which will be available to buy.

Tickets are free, and can be booked
here<http://neweconomics.us1.list-manage.com/track/click?u=40c80d32fb3b6520005cc05f9&id=5464042f41&e=0a31531bc9>
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