Finance must serve people, not the other way around

One of the Green Party’s candidates in the European elections had pledged that MEPs from her party will ‘make finance work for people’.

In a speech at the University of Kent Alexendra Phillips, who is hoping to be the 2nd Green elected in South East England in May, called for the City of London to be abolished and replaced by a democratic body.

In the European Parliament Greens have been at the forefront of shake ups to finace across the EU. Major changes that the Greens worked on have included a cap on bankers bonuses, a Europe-wide financial transaction tax and a clampdown on credit ratings agencies.

Ahead of her speech Ms Phillips said:

The Occupy movement shone a light on the City of London, and exposed it as a place which sucks wealth from our country.

It’s astounding that almost six years after the financial crisis the City of London remains almost entirely unreformed.

Greens want to build a new kind of economy. We want finance to be a servant of people, not the other way round. That’s why we’re pushing for radical changes in Brussels that clampdown on the speculators in the City and protect savers.

We need to have an open and honest discussion about the place of the City of London in our economy. 6 years after taxpayers poured billions of pounds into failed banks, and with bankers bonuses continuing to spiral, we need to be asking if the City is really working for us? 

Ms Phillips went on to call for the abolishment of the City of London Corporation:

At the heart of the City, and lobbying on its behalf, is the archaic institution of the City of London Corporation. It’s clear that this organisation, which is the only local authority which allows companies as well as people to vote in its elections, needs to be replaced by a democratic institution.

The Occupy camp, which ended just over two years ago, shone a spotlight on the murky world of finance. As a Green MEP I will work towards bringing the ideas of occupy, and the interests of the 99%, into the European Parliament.

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