The Occupy Movement has found an unlikely ally in a senior Bank of England official, Andrew Haldane, who has praised protesters for their role in triggering an overhaul of the financial services sector.
Haldane, who oversees the City for the central bank, said Occupy acted as a lever on policymakers despite criticism that its aims were too vague. He said the protest movement was right to focus on inequality as the chief reason for the 2008 crash, following studies that showed the accumulation of huge wealth funded by debt was directly responsible for the domino-like collapse of the banking sector in 2008.
Speaking at a debate held by the Occupy Movement in central London, Haldane said regulations limiting credit use would undermine attempts by individuals to accumulate huge property and financial wealth at the expense of other members of society. Allowing banks to lend on a massive scale also drained funding from other industries, adding to the negative impact that unregulated banks had on the economy, he said.
Today, more than two million public sector workers across the United Kingdom are on the picket lines, protesting planned cuts to their pensions and austerity measures. The strike includes transport workers, teachers, health workers and other government employees. Protests and occupations are taking place in cities across the country, which have closed the majority of schools and impacted health and transport services. This is being hailed as the largest strike for many sectors in more than thirty years.
We express solidarity with the workers of the United Kingdom. Anywhere the interests of the few are crushing the hard-work of the many, our struggle is the same, and we stand united calling for justice.
Occupy LSX - BBC Inside Out
The canon chancellor of St Paul’s Cathedral [in London] resigned because he could not face the prospect of “Dale Farm [a massive recent police eviction of peaceful squatters in a camp near London] on the steps of St Paul’s”, as police prepared to take action against the anti-capitalist protesters within days.
Giles Fraser, who announced his decision on Twitter, said he could not sanction the use of violence to rid the cathedral grounds of Occupy the London Stock Exchange campaigners.
The protest, comprising hundreds of tents, is entering its 13th day and organisers say they have no intention of leaving in the foreseeable future despite repeated requests from the cathedral, the City of London Corporation, the bishop of London, the mayor of London and the lord mayor of London…
"It is not about my sympathies or what I believe about the camp. I support the right to protest and in a perfect world we could have negotiated. But our legal advice was that this would have implied consent. The church cannot answer peaceful protest with violence."
It was apparent that the [City of London] was clearer than the cathedral about its desire to see the protesters moved on, Fraser said.