Brixton Pound will be protesting against the power of big banks this weekend in the ‘Move Your Money‘ campaign to encourage people to move their money from big banks to ethical financial providers.
The London Mutual Credit Union, south London’s biggest credit union, is having a special Saturday opening this Saturday 24 March from 11am-4pm to allow people to move their money from one of the five high-street banks to a more ethical option.
Customers need to bring two forms of ID to the office at 10 Acre Lane. They will also have the opportunity to sign up to the Brixton Pound e-currency, with a 10% bonus every time they upload money into their account.
Josh Ryan-Collins, B£ director, said: “It has been well over three years now since the financial crisis and people still don’t see any meaningful reforms to our dinosaur banks. But here in Brixton we’re ensuring our money goes not into damaging financial speculation and banker’s bonuses but to those parts of our economy that need it most: small businesses that create jobs and low income residents facing increased hardships with government cuts.”
The group will be taking the lead by moving its own sterling account of £65,000 from a high-street bank to the LMCU. This money acts as a reserve to the 65,000 B£s in circulation, with a 1:1 exchange rate. The Brixton Pound now want to ensure it is supporting the local economy in its sterling reserves as well as in B£s.
The London Mutual Credit Union makes low-cost ethical loans to South Lambeth residents. It also supports financially excluded residents whose only option is often to pay gross rates of interest from Pay-Day-Loan companies.