THE FUTURE OF BANKING: ETHICAL AND sUSTAINABLE?

God is our refuge and strength, a very present help in trouble. Therefore we will not fear, though the earth should change and though the mountains slip into the heart of the sea; though its waters roar and foam, though the mountains quake at its swelling pride. The LORD of hosts is with us; the God of Jacob is our stronghold. Psalm 46:1-3,7

The current international banking crisis has done enormous damage to jobs and businesses in Britain, to the UK’s public finances and to hundreds of millions of the world’s poorest people.

The Chair of the Christian Socialist Movement (CSM), Rt. Hon. Alun Michael MP and CSM member Rt. Hon. John McFall MP, Chair of the House of Commons Treasury Committee, have tabled an Early Day Motion (EDM) urging the Government to separate speculative casino banking from traditional retail banking.

The EDM argues that strong regulation is essential and that this more radical measure is needed to protect UK retail depositors from future massive losses from casino banking.

Please pray with us for:

• The government too see this as both an economic and moral issue.

• The CSM Campaign and the success of the Early Day Motion.

• The UK to lead by example, influencing a similar approach worldwide.

• A separation of, as well as a regulation within UK banks.

• The government to see that without a safeguard for the retail side, massive losses on the speculative casino side may once again threaten UK retail depositors.

• A fresh call in Parliament to reform the UK banking system.

• The protection of our people against this sort of banking crisis in the future.

Finally, we pray that:

The Lord will send rain at the proper time from His rich treasury in the heavens and will bless all the work …[we] do. Deuteronomy 28:12

MADELEINE JONES, 19/10/2009