Occupy Protesters Were (Morally & Intellectually) Right, Says Bank of England Official

Source: Telegraph (UK)

Occupy protesters were right, says Bank of England official

The anti-capitalist protesters who occupied St Paul’s Cathedral were both morally and intellectually right, a senior Bank of England official said last night.

By James Kirkup, Deputy Political Editor10:29PM GMT 29 Oct 20122

Andrew Haldane, a member of the Bank’s financial policy committee, said the Occupy movement was correct in its attack on the international financial system.

The Occupy movement sprang up last year and staged significant demonstrations in both the City of London and New York, protesting about the unequal distribution of wealth and the influence of the financial services industry. Members of the movement occupied the grounds of St Paul’s and remained camped there for more than three months until police evicted them in February last year.

“Occupy has been successful in its efforts to popularise the problems of the global financial system for one very simple reason; they are right,” Mr Haldane said last night. Mr Haldane, the Bank’s executive director for financial stability, was speaking to Occupy Economics, an offshoot of the Occupy movement, at an event in central London.

In a speech entitled Socially Useful Banking, he said the protesters had helped bring about a “reformation” in financial services and the way they are regulated.

Read more: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9641806/Occupy-protesters-were-right-says-Bank-of-England-official.html