Thread by @PositiveMoneyUK

⚡️1/ We're live in Parliament launching "The Power of Big Finance" exposing the lobbying power of big banks and their lobbyists.

Watch live on Facebook: facebook.com/10224470074195…

Follow our live tweets & join the conversation with #StopTheBankingLobby.

2/ @franboait introduces the event: at Positive Money, we've spent 10 years showing how the financial sector doesn’t serve communities across the UK.

But the strong ties between big finance and policymaking entrench the status quo.

3/ Report author @D_Barmes explains: it’s no secret that the financial sector gets special treatment.

When the banks get bailed out, we get austerity.
When bankers get bonuses, we get wage cuts.
And on the brink of a recession, the gov't is planning to deregulate big finance.

4/ @D_Barmes: Policymaking is skewed because politicians:

Are lobbied disproportionately by big finance.
Pass through the revolving door with big finance.
Accept false narratives about big finance.
And because the current economy is dependent on the stability of big finance.

5/ @D_Barmes: this isn't inevitable. We offer 12 recommendations, including:

- Rules should include in-house lobbyists, not just external lobbyists.
- Statutory body enforcing longer ‘cool off’ periods’ for ex-politicians working in finance.
- No second jobs for MPs.

6/ @D_Barmes (ctd):

- Discard plans to introduce "international competitiveness" objectives for regulators.
- A digital means of payment provided as a public utility.
- A more diverse ecosystem of banks to reduce the structural power of big finance.

7/ @alisonthewliss, SNP MP for Glasgow Central:

We see the power of the financial sector in a number of ways - including the money that goes into APPGs in return for access to policymakers.

8/ @alisonthewliss: many instances have been made public, like when David Cameron's work with Greensill was made public.

But we don’t always get to see how that influence works behind the scenes.

9/ @alisonthewliss: Regulation is fundamentally important - it holds together the structure of our society, as we saw during the financial crash.

It really worries me that a small number of people are using Brexit to push us down a similar path.

10/ @alisonthewliss: financial lobbying feels very far away from the lives of my constituents in Glasgow Central, some of whom can’t even access bank accounts.

I would want an independent Scotland to be set up to avoid these problems.

11/ @D_Barmes there should be some proposals that gain support across party lines, e.g.

Requiring more information about transparency of meetings. A better lobbying register.

And a joint financial services committee for in depth scrutiny of changes to legislation.

12/ @franboait: AUDIENCE POLL.

What is the most important proposal for decreasing the power of big finance?

TOP CHOICES:
1) Strengthen rules on conflict of interests for politicians
2) Ban regulators from holding positions in private finance
3) Cap political party donations

13/ @alisonthewliss: On green finance, what I’m most worried about after COP26 is greenwashing.

We need to be careful about how that is regulated and interrogate company claims.

14: @D_Barmes: Regulators need to accept they have a role in actively shaping the financial system, not just managing risks.

15/ @D_Barmes: after a certain threshold, growth of the financial sector is not actually good for the wider economy, it starts to become extractive (known as the ‘finance curse’).

16/ @alisonthewliss: we need principles of transparency and accountability across the system - and would support the recommendations around MP second jobs, strengthened Register of Interests, and ministerial code.

17/ @franboait: thank you to all panellists and to the audience in person and online for your questions!

Check out the report and let us know what you think using #StopTheBankingLobby.

positivemoney.org/publications/t…

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