The Telegraph: “Britain Needs Publicly Owned Banks”

Tony Benn • The Telegraph • October 10, 2008

Many people must now be concluding that, just as we do need to have a publicly owned army, police force, fire service, health care and education, all of whom are controlled by those who are accountable for the decisions they take, we need to have a publicly accountable banking system upon which we can rely to put our interest first.

Read entire article here.

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2 Responses

  1. Interesting. However, I read somewhere that the Bank of England, which is England’s central bank had reverted back to being a public bank, after many decades as a private bank, Is that true?

    • The BoE was nationalized after the seconf world war, but old habits of financial empire de facto did not die. A fact that the Telegraph article title telegraphs. However, the title is in another sense misleading.

      When I was tot in London, my father had me put my pennies into the “London Trustees Savings Bank” — a public bank, in the sense of being owned by no-one — they comprised more of a service provider/co-op for those whose small savings they had accumulated.

      England had numerous such longstanding and sound TSBs until the mid-1980s, when Thatcher ordered their complete privatization.

      The Telegraph article should be headlined “Britain Needs To Restore And Further Publicly Owned Banks”.


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