Wed 4th Jul 2012, 5:20pm
Today Bob Diamond, who has recently stepped down as CEO of Barclays,
appeared in front of Parliament to answer questions about revelations
that the bank was fixing interest rates.
Louis Brooke, spokesperson for Move Your Money (1), a campaign calling
on people to leave the big banks, said:
“This banking scandal is swiftly turning into a political crisis. This
past week has not only destroyed consumers' trust, not only in the
banks but also in the establishment tasked with protecting the public
Bob Diamond appeared to say that the Bank of England Deputy Governor
Paul Tucker, did not lean on Barclays to post lower interest rates.
However Chair of the Treasury Select Committee, Andrew Tyrie, was
doubtful that Tucker’s note to Diamond saying that Barclays Libor
postings ‘did not need to be so high’ could be interpreted as anything
other than ‘a wink and a nod’ to lower it.
Louis Brooke continued:
“The concentration of wealth and power in four big banks has been bad
for customers, bad for business and bad for Britain. (2)
It has also had a corrosive effect on the entire political
establishment who have been compelled to go to any lengths to prop up
the too big to fail banks irrespective of how depraved their behaviour
Politicians seem intent on point scoring rather than finding a
meaningful solution to our broken banking system. That’s why the public
are taking matters into their own hands and moving their money."
Move Your Money UK is a campaign group run by volunteers, calling on
people to move their money out of the big banks and into alternatives
such as building societies, credit unions, the cooperatives and ethical
The Move Your Money movement first took the US by storm with over 10
million Americans moving their money out of the big banks.
Since last week Move Your Money UK has seen a fifteen-fold increase in
web-hits. At the same time, mutuals such as building societies and The
Co-operative have reported massive increases in enquiries.
Press enquiries: 077725 461 679
1. MYM has been the leading civil society voice criticising bad
practice in the banking sector. Their website provides the
resources for disgruntled customers to move their savings out of
the big four banks and into more ethical institutions.
2. Recent surveys show that customers have lost trust in the big
banks, and are increasingly likely to move their money: