Break the link with big finance

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Break the link with big finance

Rishi Sunak, Keir Starmer, Ed Davey, John Swinney, Rhun Ap Iorwerth, Carla Denyer, Adrian Ramsay, Nigel Farage, and all party leaders

This general election, demand party leaders break the link with big finance and build a future parliament that works for everyone - not just the City of London.

For too long, politicians have given those who are already winning the game, the power to keep writing the rules. Everyone deserves an equal say in our democracy, not just those with deep pockets. But for decades corporate lobbyists for ‘big finance’ (banks, insurance companies, investment and accountancy firms) have used their power to rig the system, and gotten politicians to spin regulations in their favour, to put profit above public interest.

Call on all party leaders to commit to 3 steps to #BreakTheLink with big finance:

Ban second jobs for MPs, aside from public service roles,
Cap political party donations and require APPGs to disclose funding sources,
Slow the revolving door by establishing longer 'cool off' periods

Stop big banks hijacking our democracy. Read the petition below and add your name today.

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Positive Money

To: Rishi Sunak, Keir Starmer, Ed Davey, John Swinney, Rhun Ap Iorwerth, Carla Denyer, Adrian Ramsay, Nigel Farage, and all party leaders
From: [Your Name]

Dear Rishi Sunak, Keir Starmer, Ed Davey, John Swinney, Rhun Ap Iorwerth, Carla Denyer, Adrian Ramsay, Nigel Farage, and all UK political party leaders,

Everyone deserves an equal say in our democracy, but for decades corporate lobbyists for the financial sector have exercised excessive influence over our political system, letting the City of London dominate our economy. Whole industries and communities have been neglected, and households drowned in debt, to feed the growth of the financial sector. To genuinely level up and transform our economy we need to stop the voice of the City of London from shouting over everyone else.

Positive Money’s report ‘The Power of Big Finance’ (2022) revealed the extent of this influence. Financial institutions and individuals closely tied to the financial sector collectively spent £2.3 million directly on MPs between January 2020 and December 2021, and had more meetings with Treasury staff than any other sector. A fifth of peers in the House of Lords have registered paid positions at financial institutions and every former Chancellor of the Exchequer in the past 40 years has gone on to take up a paid position in the financial sector after leaving public office. [1] And with the big four accountancy firms donating to multiple parties, it’s clear this isn’t a matter of ideology, it’s about buying influence. [2]

The public is losing faith in our democracy’s ability to deliver outcomes that put them first. Polling shows an overwhelming majority of people in England do not trust that MPs (76%) or the UK government (73%) will make decisions to improve their lives. [3] We need public institutions to show integrity and act in our best interests, and parliament needs to lead the way. That cannot happen until all parties act to break the link with the financial lobby to stop politicians bending to the will of big finance.

I’m calling on you to commit to three proposals to help break the link with big finance:
> Ban second jobs for sitting Members of Parliament, aside from public service roles, and cap the amount MPs get paid for speeches,
> Cap political party donations and require All-Party Parliamentary Groups (APPGs) to disclose their funding sources,
> Slow down the revolving door by updating the Business Appointment Rules to establish longer ‘cool off’ periods between roles, and ban lobbying for ministers, civil servants and independent regulators.

Doing all three would clearly signal your decision to put the welfare of ordinary people before the profit margins of the City of London.

We need a finance industry that meets people’s needs – like protecting bank branches on our local high streets, and making sure people and small businesses can access the loans they need – not one that gambles, funds, and profits from wreaking destruction on people and the planet; be that bankrolling genocide, or fuelling the climate crisis. [4] To stop the money pipeline that’s funding these activities we need to stop big finance from buying seats at the table and kick them out of politics to restore the most important voice in parliament: ours.

This upcoming new parliament is a chance to reclaim control over our financial system and put an end to big bank lobbying so we can build a fair and sustainable economy for all. Whoever leads the next government, will you act to break the link with big finance today?

Yours sincerely,

Footnotes:
[1] ‘The Power of Big Finance’ Positive Money June 2022; https://positivemoney.org/publications/the-power-of-big-finance/
[2] ‘Politics for sale: Analysing 21 years of UK political donations’ Autonomy May 2024; https://autonomy.work/wp-content/uploads/2024/05/PoliticalDonations-3.pdf)
[3] ‘Lack of trust in politics threatens democracy: New report and poll’ Carnegie UK January 2022; https://carnegieuktrust.org.uk/news-stories/lack-of-trust-in-politics-threatens-democracy-new-report-and-poll/
[4] ‘Why are people boycotting Barclays?’ Positive Money January 2024; https://positivemoney.org/2024/01/stopbankingongenocide-why-are-people-boycotting-barclays/
‘Banking on climate chaos’ Fossil Fuel Finance Report 2024; https://www.bankingonclimatechaos.org/?bank=JPMorgan%20Chase#fulldata-panel