HM Treasury building

Short and to the point: Withdraw Barclays’ Banking Licence!

Responsible department: Her Majesty’s Treasury

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 a 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.

A television crew from Sky News visited Molly Scott Cato at home to interview her about the manipulation of inter-bank lending rates by Barclays and the resignation of its chief executive Bob Diamond. This appeared on appeared on Sky news earlier this month.

She believes the still unfolding scandal, which prompted Mr Diamond to step down, shows that Barclays is ‘not a fit company to hold a banking licence’, is calling on the government to withdraw Barclays bank’s licence to operate and has started an online petition to the Treasury calling for it to be revoked.

In an accompanying statement to accompany her online petition, Molly said: “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.”

Speaking to the Stroud News and Journal as a councillor, she said the banks had abused their licences to print money for themselves and the vast majority of the population were sick of the way the banks had behaved. She called on the public to apply pressure on the government to overhaul the banking system.

If they failed to do this, she said, there were alternative places where people could save and borrow money, such as the Credit Union and banks which have strong ethical investment credentials like the Co-operative and Triodos.

On the subject of Mr Diamond’s resignation, she said “it is one corrupt banker gone but it is not a solution.’ “Let this be very clear: if the coalition government will not reform, restructure and clean up our banking system then we, the citizens, can.”

Readers of the New Era Network and Victims Unite can sign the e-petition at the the following link: http://epetitions.direct.gov.uk/petitions/35446

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