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“Put Your Money Where Your Mouth Is”

Peter Tatchell says:

Northern Rock is now under public ownership. Hurrah! But now comes the real challenge to liberal and left opinion. If you really believe in public ownership and public services, put your money where your mouth is – switch your savings out of private banks into the publicly owned Northern Rock.

If savers can withdraw £2bn in three days last September, then some of Britain’s 15 million progressive Labour, Liberal Democrat and Green voters can easily pump £10bn-plus into Northern Rock over the next month.

Those of us who believe in public ownership and public services have a moral obligation to support the people’s bank – and to press it to pursue socially and environmentally progressive investment strategies.

Why not?

After all, I can’t see the government letting a publicly owned financial institution collapse.

A risk of moral hazard, I hear you say? Perhaps.