Top Bank of England director admits Occupy movement had a point

Top Bank of England director admits Occupy movement had a point



The Occupy movement received vindication from unlikely source
tonight, as a senior executive at the Bank of England credited it with
stirring a “reformation of finance”.

In a glowing appraisal of the movement’s achievements, Andrew
Haldane, executive director of financial stability, said Occupy
protesters had been “both loud and persuasive”, and had attracted public
support because “they are right”.
“Some have suggested … that
Occupy’s voice has been loud but vague, long on problems, short on
solutions. Others have argued that the fault-lines in the global
financial system, which chasmed during the crisis, are essentially
unaltered, that reform has failed,” Mr Haldane said in a speech tonight.
“I
wish to argue that both are wrong – that Occupy’s voice has been both
loud and persuasive and that policymakers have listened and are acting
in ways which will close those fault-lines. In fact, I want to argue
that we are in the early stages of a reformation of finance, a
reformation which Occupy has helped stir.”
Speaking at an Occupy
Economics event in central London, Mr Haldane said that Occupy had been
“successful in its efforts to popularise the problems of the global
financial system for one very simple reason: they are right.” He added
that protesters who camped out near St Paul’s Catherdal in London and
dozens of other cities including New York,“touched a moral nerve in
pointing to growing inequities in the allocation of wealth”.
Mr
Haldane ended with a direct appeal to activists to continue putting
pressure on governments and regulators. He said: “You have put the
arguments. You have helped win the debate. And policymakers, like me,
will need your continuing support in delivering that radical change.”
Mr
Haldane’s comments were welcomed by Occupy activists last night. Ronan
McNern, a spokesman for Occupy London Stock Exchange, said: “It’s good
to hear more voices like Mr Haldane’s coming through. His comments are
definitely welcome. They could have done something about this a lot
faster.”
He added: “If this is a beginning, there is a long way to
go. Banking reform is only part of the problem. It’s a system-wide
issue where certain people are profiting of other people.”
Occupy
protesters first descended on the London Stock Exchange on 15 October
2011, in a copy-cat demonstration of other protests around the world
that called for action against economic inequality and corporate excess.
After
being blocked from entering the main square in which the stock exchange
was located, tents were set up in the church yard of St Paul’s – which
led to friction between the church and campers.
The camp remained,
however, until February of this year, when protesters were evicted by
the City of London Corporation – the authority that runs the Square
Mile.


Source:-
http://www.independent.co.uk/news/uk/politics/top-bank-of-england-director-admits-occupy-movement-had-a-point-8231521.html