Protest in St Albans against massive sums of public money given to banks (From This Is Local London)

Protest in St Albans against massive sums of public money given to banks

10:49am Tuesday 16th December 2008 in

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Campaigners mounted a protest against the vast sums of public money given to banks and building societies to keep them afloat in the centre of St Albans on Saturday.

A recently formed political group, the St Albans Chartists, the local branch of the national anti - capitalist organisation People Before Profit, maintained a conspicuous presence outside Northern Rock Royal Bank of Scotland and Nat West, where banners were unfurled, placards held, leaflets handed out, and passing shoppers addressed through a megaphone.

Spokesman Neil Faulkner told the Review: "Tens of billions of pounds of taxpayers’ money have been used to bail out the banks and building societies, but these financial corporations are hoarding cash, refusing to make loans, failing to pass on rate reductions, and repossessing people’s homes – while still paying out fat-cat bonuses to top bosses.

"We also took the protest to Woolworths to show support for workers facing redundancy. If Brown can hand over billions to the banks, why can’t he bail out firms facing closure? Instead, working people face a tidal wave of job losses as well as home repossessions, service cut-backs, pension meltdowns, and pay cuts.

"A special leaflet was handed out to Woolworths workers encouraging them to take action to defend their jobs, and offering full support and solidarity if they did so.

"The St Albans Chartists will be organising a public meeting in the New Year at which Guardian economics editor Larry Elliott is among those who have agreed to speak. With unemployment set to rise above two million this winter, and with the rate of repossessions likely to soar, we will be organising further protests."