It would be good to think that all members
of Sustainable Crediton were banking ethically. However,
I suspect that a lot of you may still be banking with the
big banks - those 'too big to fail' which received our
money to keep afloat and are still receiving hidden subsidies.
Time to move your money!
According to New Economics Foundation [nef] analysts, there
is a range of hidden subsidies that dwarf the Treasury's bank
levy and the £300 million put aside for the 'Big Society'
bank. They assert that the public is supporting the banks to
the tune of at least £32 billion a year, outstripping
Cameron's 'Big Society' bank by a factor of 100:1.
In addition to this, banks, including HSBC and Barclays,
are among the companies stashing money away overseas to
avoid tax. Apparently the actions of these companies amounts
to about £25bn in lost revenue each year. All this money at
the rich end of society and the poor are having to suffer cuts
in essential services.
To quote from nef "We don't have to keep our money in
the coffers of the big banks. In the USA, the Move Your
Money campaign, launched by the influential online news
source the Huffington Post, has inspired Americans to move
all or some of their money into accounts with
Here the good alternative places to hold your money are: Triodos
and Co-operative Banks, the Ecology
Building Society, credit unions and National Savings
through the Post Office. Co-op Bank accounts can be
operated through local post offices, giving them support, and
there's also a new organisation called Zopa for
It's time to change to ethical banking.
Changing is quite easy, so why not do it now and feel
good about how your money is being used and