[OccupySheffield] Bank of England regulator supports Occupies Analysis

[Robert Daines]

This packed event was held at the Friends Meeting House in London as part
of the New Putney Debates. Occupy is going back to the English Revolution
to find the way forward.

Occupy's analysis praised by Bank of England's Andy Haldane - but this must
only be the beginning

Haldane echoes Occupy's analysis by linking inequality to economic
instability
In questioning from audience, notes that there is 'no great ideological
chasm' to jump on a Financial Transaction Tax and the risk of banks moving
abroad is "somewhat overblown"
Many of Occupy's concerns remain to be tackled; panellist Mick McAteer,
consumer advocate and Director of the Financial Inclusion Centre, notes
that "winning the propaganda war" isn't enough.

As part of Occupy London's 'New Putney Debates', Monday night's packed
'Socially Useful Banking?' event at Friends House saw the Bank of England's
Director of Financial Stability, Andy Haldane, assert that Occupy had been
"right, not just morally but analytically" in identifying the problem of
"deep and rising inequality" as lying at the heart of the crisis. [1] [2]

In his identification of inequality as a cause of fundamental instability,
Haldane echoed the attack on "systemic economic inequality" of Occupy
London's Economics Statement, which was agreed by consensus almost exactly
a year ago. [3] Further Occupy themes - including calls for the abolition
of tax havens, complex derivatives and the relationship of economy and
environment - came out strongly in the two hours' lively questioning from
the floor that followed Haldane's statement.

"As Haldane has previously argued, banks are too big," said Rich Paton,
Occupy supporter and one of the panellists at the event. "Yet a
'ring-fence' might become a string vest."

"What was particularly significant this time, was Haldane's linking
inequality to the debt crisis - not only as effect but as cause. That
context is something he can affect less directly than banks, in his role as
regulator. But it was a significant endorsement of some key Occupy themes
and arguments."

Part of Occupy London's current series of public debates, dubbed 'The New
Putney Debates', celebrating the 365th year anniversary of the original
debates in 1647, the 'Socially Useful Banking?' event was chaired by Lisa
Pollack of the Financial Times' Alphaville blog, with panellists alongside
Andy Haldane and Rich Paton including Duncan Weldon (TUC), Andy Green
(Bully Banks) and Mick McAteer (consumer advocate and FSA non-executive
board member).

With the free Putney Debates events running until 11 November focusing on
what is needed for a more just and equal society, contributors include
Natalie Bennett (new Leader of the Green Party), Michael Mansfield QC,
George Monbiot, Polly Higgins, Jeremy Leggett, John McDonnell MP, Halina
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