Community Reinvestment - proposals for real banking reform
Over £140bn of public money has been spent by the government on propping up our banking system over the last two years. The cost to the taxpayer (after allowing for loans to be repaid over time) is likely to exceed £50bn; severely reducing the public funds available for key public services like health and education.
Many services will be severely affected, others will close altogether. The very poorest in society will punished for the excessive risk taking of the very rich. The language of ‘radical reform' our political leaders use barely masks a lack of appetite for fundamental change.
Understandably people feel angry and outraged that the banks are already showing signs of returning to profit, whilst the public must pay for their mistakes for years to come. Something must be done.
Our aims are clear:
- The banks have had huge amounts of public funds and there must be public benefit in return for the public investment
- Fundamental change is needed to avoid making the same mistakes again - business as usual is not an option
- There is a real opportunity to change things for the better and address some of the root causes of poverty and inequality - rather than simply focusing on addressing the effects.
The recent Urban Forum poll asked people if they think there should be a more public benefit from the bank's bailout. Find out about the results HERE