March on the City 2008

March on the City: On Friday 10 October 2008 several hundred anti-capitalist protesters, mainly students, took to the streets of the City of London to say “We Won’t Bail Out the Bankers’.

March on the City 2008

The financial crisis had started in 2007, but reached a climax with the bankruptcy of Lehman Brothers on September 15 2008 which precipitated an international banking crisis.

March on the City 2008

Wikipedia sets out the causes of the crisis in some detail, but essentially US banks had been allowed to make more risky loans by changes in US laws which loosened regulations and allowed banks to take part in high risk operations such as proprietary trading and investment banking.

March on the City 2008

In the US one result of this was the proliferation of mortgage loans to people on low incomes who could really not afford the repayments and eventually defaulted. The problems with ‘subprime mortgages‘ particularly given to many in minority communities in the USA came to a head as a boom in US house prices in the early 2000s was followed by a sharp drop in the value of properties which were the security for the loans.

March on the City 2008

As Wikipedia comments, “governments deployed massive bail-outs of financial institutions and other palliative monetary and fiscal policies to prevent a collapse of the global financial system.” This resulted in the widespread feeling that those who had created the crisis were being rewarded for their failures.

In the UK, the New Labour government under George Brown made a massive financial intervention, paying £137 billion to the banks in loans and new capital, some of which was later recouped, but leaving a cost of £33 billion. While some support was necessary to avoid a total breakdown of the financial system, many felt that the government should have taken a firmer line and that those responsible should have had to pay for their mistakes and not to seem to have kept their highly paid jobs.

Both Northern Rock – the first UK bank to fail in July 2007 and Bradford & Bingley were taken into public ownership, and RBS/Nat West into majority public ownership. But RBS still ended up costing us £35.5 billion – and the leading bankers still ended up getting huge salaries and big bonuses. The Royal Bank of Scotland seemed to be getting off scot free.

Part of the problems we still see in financial markets came from changes worldwide in the way that trading now takes place. In the UK Margaret Thatcher had brought in the ‘Big Bang’ which abolished traditional practices and introduced electronic trading, greatly increasing volatility.

On My London Diary I give a fairly full account of the actual protest which started at Bank where some protesters tried to storm into the Royal Exchange – long just a prestige shopping centre – and the Bank of England but were easily stopped by police.

There then followed a slow march around parts of the City, with police attempting to stop them at various points and the marchers pushing their way through police lines.

As my pictures show, there was some rather forceful policing at times and some of the press also suffered with the protesters. As I write, “I got a few bruises and my glasses were damaged when police rushed in as I was taking pictures in Lombard St.” But there was none of the confrontational use of trained riot squads that have led to extreme violence at some protests policed by the Met. Policing here was by the City of London Police – along with a guest appearance by one French cop.

Eventually there was a short rally with a few speeches on the corner of Bishopsgate and London Wall after which the demonstrators dispersed. Police seemed fairly relaxed at the end of the protest and I saw no arrests.

I don’t think the protest got much if any coverage in the mass media and most accounts I read on-line were confused, with many suggesting it went to the Stock Exchange. While that might have been a logical place to protest, the marchers actually went in the opposite direction.

March on the City.


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Palestine, Pancakes, Post, Olympics & Zombies 2009

Palestine, Pancakes, Post, Olympics & Zombies – Tuesday 24th February 2009 was a long and varied day for me and included some serious issues that are still at the forefront of current news as well as some lighter moments – and I ended the day enjoying a little unusual corporate hospitality with some free drinks for London bloggers.


Al-Haq Sue UK Government – Royal Courts of Justice

Palestine, Pancakes, Post, Olympics & Zombies

First came Palestine, with Palestinian human rights group Al-Haq filing a claim for judicial review before the High Court of England and Wales challenging the government’s failure to fulfil its obligations with respect to Israel’s illegal activities in Palestine.

They were calling on our government – then New Labour under Gordon Brown – to publicly denounce Israel’s actions in Gaza and the continuing construction of the separation wall, to suspend arms related exports and all government, military, financial and ministerial assistance to Israel and to end UK companies exporting arms and military technology.

They also asked them to insist the EU suspends preferential trading with Israel until that country complies with its human rights obligations, and for the government to give the police any evidence of war crimes committed by any Israelis who intend to come to the UK.

Palestine, Pancakes, Post, Olympics & Zombies

Of course the court refused Al-Haq’s case, declining to deal with the UK government’s compliance with its international legal obligations and stating that their claim would risk the UK’s diplomatic “engagement with peace efforts in the Middle East“, something which seemed at the time to be absolutely zero if not negative. They also refused Al-Haq any right to bring the claim because it was not a UK-based organisation and “no one in the United Kingdom has sought judicial review of United Kingdom foreign policy regarding Israel’s actions in Gaza“.

Al-Haq Sue UK Government


Worshipful Company of Poulters Pancake Race – Guildhall Yard

Palestine, Pancakes, Post, Olympics & Zombies

It was Shrove Tuesday and I couldn’t resist the Pancake Race organised by the Worshipful Company of Poulters, and held – with the permission of the Chief Commoner, in the Guildhall Yard.

Palestine, Pancakes, Post, Olympics & Zombies

As I said, “It’s a shame that the Pancake Race is unlikely to feature in the London 2012 Olympics, because it’s perhaps the one sport in which Britain still leads the world, and we seem to have plenty of talent in training.

Poulters Pancake Race


Keep the Post Public – Parliament Square

Postal workers came out from a rally in Methodist Central Hall against government plans to privatise Royal Mail. The government argued they needed to do this to protect pensions and modernise the service.

Postal deliveries had been deliberately made uneconomic by earlier measures which have allowed private companies to cream off the easily delivered profitable parts of the service, while leaving the Royal Mail to continue the expensive universal delivery service – including the delivery of its competitors post at low regulated prices to more difficult destinations.

The government picked up the responsibility for the pensions when the post was privatised and the privatised post office has been allowed to fail on its delivery obligations. We now get deliveries on perhaps 3 or 4 days a week rather than 6, few first class letters arrive on time, and the collection times for most pillar boxes are now much earlier in the day – now 9am rather than 4pm at our local box. While privatisation was supposed to result in more investment it largely seems to have resulted in large dividends and higher pay to managers and the Post Office is in a worse state than ever.

Keep the Post Public


London 2012 Olympic Site – Stratford

I had time for a brief visit to the publicly accessible areas in and around the Olympic site where a great deal of work was now taking place with the main stadium beginning to emerge.

There were some reports at the time that the landmark building Warton House, once owned by the Yardley company with its lavender mosaic on Stratford High Street was to be demolished, but fortunately these turned out to be exaggerated, with only a small part at the rear of the building being lost. But all the buildings on the main part of the site had gone. Some others south of the mainline railway were also being demolished for Crossrail.

Olympic Site Report
London Olympic site pans


March of the Corporate Undead – Oxford St

I made my way back to Oxford Circus for the ‘March of the Corporate Undead’, a Zombie Shopping Spree complete with coffins, a dead ‘banker’, posters, various members of the undead and a rather good band.

Police watched in a suitably deadpan manner (I did see one or two occasionally smile) as the group assembled and applied large amounts of white makeup before making its way along the pavement of Oxford Street, to the astonishment (and often delight) of late shoppers and workers rushing home.

We stopped off at Stratford Place, opposite Bond Street Station to toss some fried bankers brains in the frying pans and then there was a pancake race, holding up a Rolls Royce that was prevented by the police from driving through while we were there.

The parade continued, stopping for a minute or two under the bright lights of Selfridges before continuing to Tyburn, or at least Marble Arch, with more zombies joining all the time.

Hanging the already dead banker seemed a great idea, but getting a rope up over the arch was tricky. Eventually a severed hand gave sufficient weight to enable a rope to be thrown over the ornamental iron-work and the banker was soon hoisted up to dangle over the continuing revels below.

March of the Corporate Undead

This was an anticapitalist event and in particular aimed against bankers and the huge amounts of cash given to them to in the aftermath of the 2007-8 financial crisis which was seen as rewarding the very people who had caused the mess the system was in. The mass of the population was having to suffer cuts in services under a severe austerity programme while bankers were still pigs in clover. The UK has become a very unequal society over the years since 1979 when Thatcher became Prime Minister. The the top 10% got 21% of the UK income, by 2010 it was around 32%.

I left to go to a meeting of London bloggers – and enjoy a few free drinks thanks to Bacardi. The blue and green Breezers seem to me just right for zombies, though I’m afraid after tasting one I went for the beer instead. But I think the zombies on Oxford Street were more alive than those in the corporate world.


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All photographs on this page are copyright © Peter Marshall.
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