Angry about bonuses? Here's how to claim back agency from the banks

By transferring your money to an ethical bank, you can make a change to the financial system.

By transferring your money to an ethical bank, you can make a change to the financial system.

A group of activists have been holding underground meetings in Old Street, London. They've been plotting the next big campaign to reform finance after OccupyLSX. I was invited to see what they were up to, and it looks like they've got funding, contacts and a sound strategy. Now that bankers' bonus season is finally upon us, they are set to launch.

The campaign is called Move Your Money. The clue is in the name. Imported from the US, activists are calling on the public to transfer their cash from large, casino banks to more ethical alternatives like mutuals, credit unions and ethical banks. Off the record they say they have some high profile endorsements, but we'll have to wait until the formal launch to find out names. They want a collective shift of assets from institutions that pay large bonuses, take huge gambles and make unethical investments to those that offer something better. Almost everyone has a bank account, so everyone has a stake.

The original campaign continues to send shivers down the backs of irresponsible bank managers in the US, as consumers keep moving their money from Wall Street to Main Street. Originally started by Ariana Huffington in 2009, a national Move Your Money Day led to some 40,000 new accounts being created last November 5th, according to the US Credit Union National Association. Meanwhile the campaign's video has got some 600,000 views and its website has twenty-five pages of press links.

A new holding website that went up earlier today confirms that this campaign is now coming to the UK. Activists say they have raised several thousand pounds from various undisclosed funders, enabling them to pay at least one campaigner to work on the project full-time. They plan to start revealing high profile supporters before they ask the public to transfer their cash during a "month of action" in March. We can expect high street stunts and public education events around the country.

There are at least three reasons why this is a highly strategic campaign.

First, it is wonderfully populist. It's a campaign that goes beyond left and right and -- given it's based on freedom of choice and information -- it's completely compatible with capitalism. It's not an anarchic call to bring down the banks or score political points, it's about education, personal responsibility and collective action.

UK Uncut and OccupyLSX have a reasonably good reputation, but they remain small groups who punched above their weight because of daring action and a hungry press. In contrast, this campaign will be judged on just how many people they can get to shift their money, forcing them to reach out beyond the usual suspects.

Second, it is tangible. Most people feel that they are living at the mercy of markets they cannot control. We've been told the banks are too big to fail, but politicians don't seem to be building a secure alternative. For many, the Vickers report doesn't go far enough. But this campaign gives people something they can do. By transferring your money, you can actually protect yourself as an individual, and reclaim your sense of agency.

Third, it is effective. Through a co-coordinated campaign, people aren't just protecting their own assets as individuals, but sending a message to banks and politicians as a collective. It might also lead the City to think a bit harder about bonus season. Move Your Money campaigners will be looking to establish themselves as the "go to" people in the media to get a reaction to these rewards. The more disproportionate bonuses are, the more support for this campaign is going to grow.

Watching politicians respond to this campaign will be interesting. Labour will be justifiably jittery about coming out against any particular banks after the misrepresentation of Ed Miliband's conference speech. But they should publicly and whole-heartedly support the principle of giving more information to consumers to move their money where they see fit.

The problem with OccupyLSX was that people and politicians didn't want to be seen as supporting a bunch of niche activists. If the Move Your Money campaign can become a truly popular movement, it will be harder to ignore. In fitting contrast to the financial system, the incentives of this campaign are truly well aligned.

Rowenna Davis is a journalist and author of Tangled up in Blue: Blue Labour and the Struggle for Labour's Soul, published by Ruskin Publishing at £8.99. She is also a Labour councillor.

Rowenna Davis is Labour PPC for Southampton Itchen and a councillor for Peckham

Getty
Show Hide image

The joy of only winning once: why England should be proud of 1966

We feel the glory of that triumphant moment, 50 years ago, all the more because of all the other occasions when we have failed to win.

There’s a phrase in football that I really hate. It used to be “Thirty years of hurt”. Each time the England team crashes out of a major tournament it gets regurgitated with extra years added. Rather predictably, when England lost to Iceland in Euro 2016, it became “Fifty years of hurt”. We’ve never won the European Championship and in 17 attempts to win the World Cup we have only won once. I’m going to tell you why that’s a record to cherish.

I was seven in 1966. Our telly was broken so I had to watch the World Cup final with a neighbour. I sat squeezed on my friend Colin’s settee as his dad cheered on England with phrases like “Sock it to them Bobby”, as old fashioned now as a football rattle. When England took the lead for the second time I remember thinking, what will it feel like, when we English are actually Champions of the World. Not long after I knew. It felt good.

Wembley Stadium, 30 July 1966, was our only ever World Cup win. But let’s imagine what it would be like if, as with our rivals, we’d won it many times? Brazil have been World Champions on five occasions, Germany four, and Italy four. Most England fans would be “over the moon” if they could boast a similarly glorious record. They’re wrong. I believe it’s wonderful that we’ve only triumphed once. We all share that one single powerful memory. Sometimes in life less is definitely more.

Something extraordinary has happened. Few of us are even old enough to remember, but somehow, we all know everything that happened that day. Even if you care little about the beautiful game, I’m going to bet that you can recall as many as five iconic moments from 50 years ago. You will have clearly in your mind the BBC commentator Kenneth Wolstenholme’s famous lines, as Geoff Hurst tore down the pitch to score his hat-trick: “Some people are on the pitch. They think it’s all over. It is now”. And it was. 4 - 2 to England against West Germany. Thirty minutes earlier the Germans had equalised in the dying moments of the second half to take the game to extra time.

More drama we all share: Geoff Hurst’s second goal. Or the goal that wasn’t, as technology has since, I think, conclusively proved. The shot that crashed off the cross bar and did or didn’t cross the line. Of course, even if you weren’t alive at the time, you will know that the linesman, one Tofiq Bakhramov, from Azerbaijan (often incorrectly referred to as “Russian”) could speak not a word of English, signalled it as a goal.

Then there’s the England Captain, the oh-so-young and handsome Bobby Moore. The very embodiment of the era. You can picture him now wiping his muddy hands on his white shorts before he shakes hands with a youthful Queen Elizabeth. Later you see him lifted aloft by his team mates holding the small golden Jules Rimet trophy.

How incredible, how simply marvellous that as a nation we share such golden memories. How sad for the Brazilians and Germans. Their more numerous triumphs are dissipated through the generations. In those countries each generation will remember each victory but not with the intensity with which we English still celebrate 1966. It’s as if sex was best the first time. The first cut is the deepest.

On Colin’s dad’s TV the pictures were black and white and so were the flags. Recently I looked at the full colour Pathe newsreel of the game. It’s the red, white and blue of the Union Jack that dominates. The red cross of Saint George didn’t really come into prominence until the Nineties. The left don’t like flags much, unless they’re “deepest red”. Certainly not the Union Flag. It smacks of imperialism perhaps. In 1966 we didn’t seem to know if we were English or British. Maybe there was, and still is, something admirable and casual about not knowing who we are or what is our proper flag. 

Twelve years later I’m in Cuba at the “World Festival of Youth” – the only occasion I’ve represented my country. It was my chance to march into a stadium under my nation’s flag. Sadly, it never happened as my fellow delegates argued for hours over what, if any, flag we British should walk behind. The delegation leaders – you will have heard of them now, but they were young and unknown then – Peter Mandelson, Trevor Phillips and Charles Clarke, had to find a way out of this impasse. In the end, each delegation walked into the stadium behind their flag, except the British. Poor Mandelson stood alone for hours holding Union Jack, sweltering in the tropical sun. No other country seemed to have a problem with their flag. I guess theirs speak of revolution; ours of colonialism.

On Saturday 30 July BBC Radio 2 will commemorate the 50th anniversary of the 1966 World Cup Final, live from Wembley Arena. Such a celebration is only possible because on 16 occasions we failed to win that trophy. Let’s banish this idea of “Fifty years of hurt” once and for all and embrace the joy of only winning once.

Phil Jones edits the Jeremy Vine Show on BBC Radio 2. On Saturday 30 July the station celebrates the 50th anniversary of the 1966 World Cup Final live from Wembley Arena, telling the story of football’s most famous match, minute by minuteTickets are available from: www.wc66.org