I've changed my mind. Let the EDL march

I would like to extend an olive branch to those defenders of English nationalism.

Pragmatism. Magnanimity. A willingness to show compassion and understanding to friend and foe alike.

I possess none of these qualities. The world is black and white. I am right, you are wrong. If you are my opponent I must crush, not merely beat you.

That is how I have always conducted my politics. It has not been wholly successful. But it has got me as far as this web site, so I must have done something right.

None of us, though, have a monopoly on wisdom. Nor are our life choices set in stone. Occasionally one should listen to the views of others. Turn over a new leaf. Reach out.

You may have read in other places my criticism of the English Defence League [EDL]. I have used harsh, even coarse language against them. Most recently I have insisted their boots should not set foot on the streets of Tower Hamlets, and been critical of those who have adopted a different stance.

Here, today, I would like to make amends. I would like to extend an olive branch to those defenders of English nationalism, and those others who, on a point of principle, have spoken out for their right to free assembly and protest.

Let us compromise. Why don't we put aside our differences, and find a middle path.

Here is my offering. The EDL should be allowed to march. But with pre-conditions. One or two safeguards that will enable those of us who have been sceptical of their methods and motives to be reassured of their good faith.

My first offer is this. The EDL can demonstrate. But with a commitment that for the 24 hours proceeding and following their protest, none of those participating consumes alcohol. Not a drop. None of those strange alcopop type drinks favoured by EDL leader Tommy Robinson. Not even a small dry sherry. Abstinence is the price they should pay to demonstrate their passion for freedom of expression and the rule of law. Oh, and they should agree to be breath tested in advance of the march. Not that I don't trust the boys you understand. But as I said, it's a sign of good faith.

If this seems too draconian, I have a second offer. Again, they can march. But it must be in fancy dress. A certain percentage of the EDL's followers must embark on their demo wearing nun's habits. A further percentage in those weird Emu like costumes Bernie Clifton wears to run the London marathon. And so on. Oh, and there's one final control order. Tommy Robinson himself must wear a tutu. Not just a tutu, obviously. That would make him look ridiculous. And slightly obscene. He can still wear his jeans and black puffer, or his EDL hoodie. Actually, wer'e banning hoodies these days aren't we, so that's probably out.

And there you have it. The EDL nuns and emus can march proudly through streets of East London, and the rest of us can take our sandwiches and watch. The kids would love it.

Or if that doesn't work, perhaps because they can't get enough habits and tutus in such a short space of time, I have a third suggestion.

Much has been made of the fact that other marches have been proscribed by the Home Secretary. That is indeed troubling. So I propose this.

Instead of banning the marches, we merge them. The EDL, Unite Against Fascism [UAF], and East End gay pride should march together. As one. Divided by ideology, yes. But united in their commitment to free political expression.

Of course, and you knew this was coming didn't you, there's one further catch. They must hold hands. Not in one long line of solidarity. That would be impractical; Brick Lane is very narrow. But two by two.

I'd love it if we could manage boy-girl, boy-girl, but I'm not sure the EDL have enough female members. So it would have to be by group. EDL member/gay pride member, UAF supporter/EDL member, etc.

To add another nice twist, they should intersperse their chants. Though I find the regular protest chats of all three groups a bit dull. So we should spice it up a bit. The UAF should sing some rousing patriotic anthems. Land of Hope and Glory. Jerusalem of course. The odd rendition of "Five one, even Heskey scored". Meanwhile, the EDL could try a few show tunes. "I am what I am", "I'm gonn'a wash that man right out of my hair", "Gee, Officer Krupke". And Pride could have a go at some of the hits from the most recent Love Music Hate Racism gig; a bit of Captain Dale, Petrichor and Shredded Lives.

Pragmatism. Magnanimity. Understanding.

You know what, it's actually quite fun. Anyone got Tommy Robinson's phone number?

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Let's turn RBS into a bank for the public interest

A tarnished symbol of global finance could be remade as a network of local banks. 

The Royal Bank of Scotland has now been losing money for nine consecutive years. Today’s announcement of a further £7bn yearly loss at the publicly-owned bank is just the latest evidence that RBS is essentially unsellable. The difference this time is that the Government seems finally to have accepted that fact.

Up until now, the government had been reluctant to intervene in the running of the business, instead insisting that it will be sold back to the private sector when the time is right. But these losses come just a week after the government announced that it is abandoning plans to sell Williams & Glynn – an RBS subsidiary which has over 300 branches and £22bn of customer deposits.

After a series of expensive delays and a lack of buyer interest, the government now plans to retain Williams & Glynn within the RBS group and instead attempt to boost competition in the business lending market by granting smaller "challenger banks" access to RBS’s branch infrastructure. It also plans to provide funding to encourage small businesses to switch their accounts away from RBS.

As a major public asset, RBS should be used to help achieve wider objectives. Improving how the banking sector serves small businesses should be the top priority, and it is good to see the government start to move in this direction. But to make the most of RBS, they should be going much further.

The public stake in RBS gives us a unique opportunity to create new banking institutions that will genuinely put the interests of the UK’s small businesses first. The New Economics Foundation has proposed turning RBS into a network of local banks with a public interest mandate to serve their local area, lend to small businesses and provide universal access to banking services. If the government is serious about rebalancing the economy and meeting the needs of those who feel left behind, this is the path they should take with RBS.

Small and medium sized enterprises are the lifeblood of the UK economy, and they depend on banking services to fund investment and provide a safe place to store money. For centuries a healthy relationship between businesses and banks has been a cornerstone of UK prosperity.

However, in recent decades this relationship has broken down. Small businesses have repeatedly fallen victim to exploitative practice by the big banks, including the the mis-selling of loans and instances of deliberate asset stripping. Affected business owners have not only lost their livelihoods due to the stress of their treatment at the hands of these banks, but have also experienced family break-ups and deteriorating physical and mental health. Others have been made homeless or bankrupt.

Meanwhile, many businesses struggle to get access to the finance they need to grow and expand. Small firms have always had trouble accessing finance, but in recent decades this problem has intensified as the UK banking sector has come to be dominated by a handful of large, universal, shareholder-owned banks.

Without a focus on specific geographical areas or social objectives, these banks choose to lend to the most profitable activities, and lending to local businesses tends to be less profitable than other activities such as mortgage lending and lending to other financial institutions.

The result is that since the mid-1980s the share of lending going to non-financial businesses has been falling rapidly. Today, lending to small and medium sized businesses accounts for just 4 per cent of bank lending.

Of the relatively small amount of business lending that does occur in the UK, most is heavily concentrated in London and surrounding areas. The UK’s homogenous and highly concentrated banking sector is therefore hampering economic development, starving communities of investment and making regional imbalances worse.

The government’s plans to encourage business customers to switch away from RBS to another bank will not do much to solve this problem. With the market dominated by a small number of large shareholder-owned banks who all behave in similar ways (and who have been hit by repeated scandals), businesses do not have any real choice.

If the government were to go further and turn RBS into a network of local banks, it would be a vital first step in regenerating disenfranchised communities, rebalancing the UK’s economy and staving off any economic downturn that may be on the horizon. Evidence shows that geographically limited stakeholder banks direct a much greater proportion of their capital towards lending in the real economy. By only investing in their local area, these banks help create and retain wealth regionally rather than making existing geographic imbalances worce.

Big, deep challenges require big, deep solutions. It’s time for the government to make banking work for small businesses once again.

Laurie Macfarlane is an economist at the New Economics Foundation