Momentum hides banks policy

Submitted by martin on 31 August, 2021 - 5:03 Author: Mohan Sen
Momentum sign

In April members of Labour left organisation Momentum voted in a “policy primary” for motions to promote for this year’s Labour Party conference. Two of the eight motions decided called for public ownership and democratic control of the banking and financial sector.

Yet as XR’s action targeting finance and climate change unrolled, on 27 August Momentum social media put out a video with economist Grace Blakeley calling for “regulation” of the banks to tackle climate change. The Facebook status and tweet promoting the video also call for “regulation”. Not public ownership or democratic control.

Did Momentum’s National Coordinating Group, or some sub-group of it, decide to put out the weak gruel about “regulation”, in defiance of the policy agreed by members – or was it the Momentum office without regard to the NCG?

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