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RETURN THE ROCK
 Northern Rock succeeded as a building society for almost 150 years but lasted barely ten as a bank. I and others are campaigning to remutualise Northern Rock because I want the government to ‘Return the Rock’ to the people. Click here to ask your MP to sign my Early Day Motion supporting the ‘Return the Rock’ campaign.If we genuinely want to reform our financial services sector we need to better democratise it. I believe Northern Rock should be re-mutualised because the democratic structure of financial mutuals makes them accountable to their customers and their traditional business model involves less risky financial activity. Their strong record for customer satisfaction and links with the communities they serve are also well known. This campaign has broad support. Unite the union which represents the Northern Rock workforce is generously supporting the campaign. Compass has long campaigned for a greater role for mutuals in the financial sector, as has the Co-operative Party. Remutualisation has huge support amongst the public too: a nationwide survey recently found that nearly twice as many people wanted Northern Rock to be remutualised than those who oppose it.At the moment we all know that the status quo is not an option if we are to avoid a repeat of the global financial crash we have just lived through. To create a more accountable and local banking system mutuals need to be allowed by government to play a larger role, not least because the Conservative-led government promised to foster diversity in financial services and promote mutuals in the Coalition Agreement. My EDM already has the support of over 50 MPs from all sides of the House of Commons but to put pressure on the government we need to grow the campaign. Will you contact your MP today?
Thanks for your support,
Chuka
Chuka Umunna
MP for Streatham
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Chuka Umunna MP, 18/03/2011 |
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