Posts Tagged ‘Royal Exchange’

March on the City 2008

Thursday, October 10th, 2024

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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Bonuses are Back Pig Party – 2009

Wednesday, July 17th, 2024

Bonuses are Back Pig Party: I’ve never understood why people who are already paid obscenely high salaries get awarded huge bonuses for the work of people lower down in the organisations they lead. Even less that they still get them when these organisations are obviously failing – as with the water companies. So it was a small piece of good news in February 2024 when the then government announced they would block further bonuses to the water company after they had received £26 million since 2019 despite sewage spills.

Bonuses are Back Pig Party

Of course many of us felt that they should have been made to repay those bonuses and that the companies that have racked up huge debts while paying out billions to shareholders should be taken into administration to be run to serve the public.

Bonuses are Back Pig Party

Back in 2008 it was the predatory activities of the banks that led to the financial crash, but in 2009, “Despite everything that has happened over the past year, bankers are still getting bonuses, often at quite obscene levels, far in excess of most people’s annual incomes.”

Bonuses are Back Pig Party

And on Friday 17th July 2009 ‘The Government of the Dead‘ came to the heart of the City of London to ‘celebrate’ that “City pigs are truly back with their snouts in the trough” with “a ‘Bonuses are Back Pig Party’, wearing pig masks and setting up a trough with ‘Pig Pounds’ mixed with pig swill and getting snouts down and bottoms up to wallow in it.

Bonuses are Back Pig Party

The ‘Pig Pounds’ – were deliberately low-tech paper copies of fivers with a pig over the bottom half of the Queen and the pig swill was possibly the real thing but looked like some rather unpleasant and lumpy porridge with cornflakes mixed in.

Some of the protesters had come in fancy dress – city suits – with Chris Knight with his usual top hat and Camilla as Miss Piggy. Many put on latex pig masks and got their heads down in the trough in front of the Royal Exchange, scooping up the swill and the fivers.

More or less together they sang a number of cleverly reworded pig songs “including a number of hits by Miss Piggy, Pinky and Perky, The Simpsons and Piggy Pie“, as will as singing, dancing and miming along with some of the originals between sessions at the trough.

‘Lets Twist Again’, once recorded by Pinky and Perky became
Come on let’s scam again
Like we did last summer
Come on let’s scam again
Like we did last year
Come on let’s scam again
Scamming time is here.

Bonuses Are Back” Chris Knight and the others shouted at City workers on their way home, inviting them to “come and swill in the trough, all provided at the taxpayers expense thanks to Gordon Brown.

Tourists were bemused, but some stopped to enjoy and photograph the scene, with a few putting on the latex pig masks on offer and joining in.

Even the City of London Police seemed amused rather than worried by the protest, standing back and watching – and without their intervention there was no threat to public order.

After around an hour and a half of watching and taking pictures I decided it was time to go home. I’d taken too many pictures and the fun was wearing off.

Of course the bankers – and other bosses – continued to do well, while the rest of us had to suffer fourteen years of Tory austerity with public services being starved of cash and the NHS, prisons and more deteriorating at pace.

The Labour Party deliberately threw away the chance of getting into government in 2017, when the party under Corbyn got many more votes than in 2024. Starmer didn’t win the election, it was lost by the Tories who were poleaxed by Reform and had become clearly unable to run their own party let alone the country. I have no confidence that our new Labour government will be more than a very slight improvement over their predecessors, though it would be good to be proved wrong.

More at Bonuses are Back Pig Party


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Goodbye & Good Riddance 2023 – October

Saturday, January 6th, 2024

Goodbye & Good Riddance 2023 – October began as just another month, but the world changed with the Hamas attack across the Gaza border with Israel on October 7th. I missed the first emergency protests against the Israeli response but the rest of my year was dominated by protests against the killing of civilians and children in Gaza by Israeli forces.

Goodbye & Good Riddance 2023
‘Stop Starmer’ Meeting Warns Us All. Camden London, 7 Oct 2023.
A day before the Labour conference people meet in Keir Starmer’s constituency to warn everyone how dangerous a Starmer-led government would be. Those present included many former Labour Party members who say he has no principles and list almost 30 pledges he has so far reneged on, including green jobs, NHS outsourcing, Lords reform, free school meals, workers rights, oil contracts, PR, childcare. Paula Peters of DPAC speaking.
Peter Marshall
Goodbye & Good Riddance 2023
Cancel the Debt of the Global South. Bank, London, 12 Oct 2023.
65 bags for Climate Debt against 1 for debt repayments. While the World Bank/IMF meet in Marrakesh campaigners at the Bank of England from Debt for Climate, War on Want and others join in worldwide protests for the cancellation of debts of the Global South. They are owed Climate debt for damage caused by fossil fuels 65 times as much as their debt repayments.
Peter Marshall
Goodbye & Good Riddance 2023
Barclays Told Drop Polluter Drax. Canary Wharf, London. 19 Oct 2023.
Axe Drax. XR and other campaigners at Barclays Canary Wharf HQ demand they end support for Drax, the world’s biggest burner of trees which now gets around £2m a day of UK climate subsidies intended for renewable energy for its highly polluting power station, and is seeking extra subsidies for an unproven and unworkable carbon capture climate scam. Drax burns wood pellets mainly made by clear felling mature trees in the USA.
Peter Marshall
Goodbye & Good Riddance 2023
Stand with the Palestinian Resistance! Oxford St, London. 21 Oct 2023.
Members of Fight Racism Fight Imperialism and the Revolutionary Communist Group support Palestinians resisting the Zionist state of Israel which for many years has oppressed Palestinians. They protested on Oxford Street outside British businesses, banks and institutions including Marks & Spencer which have long supported the Israeli apartheid state.
Peter Marshall
Goodbye & Good Riddance 2023
National March for Palestine – Stop the War on Gaza. London. 21 Oct 2023.
Well over 100,000 march calling for a ceasefire and an end to the violence, for a lifting of Israel’s siege and for full humanitarian aid to be sent into Gaza immediately. They called for a just peace in the Middle East and freedom for Palestine. I was too tired after standing watching the march go past for around two and a half hours that I went home rather than photograph the rally.
Peter Marshall
UFFC Annual Rally & Procession 2023. London, 28th October 2023.
The annual remembrance procession by the United Families and Friends Campaign (UFFC) marching from Trafalgar Square to Downing St for a rally with speakers from the families whose relatives were killed by police and in penal, mental health and immigration detention. They call for justice and proper investigations of the officers involved suspected of crimes.
Peter Marshall
National March for Gaza – Ceasefire Now, London, UK. 28 Oct 2023.
Many thousands march through London called for an immediate ceasefire as Israeli forces bombarded the country and cut off all communications. Thousands of children and other civilians including 110 medical staff have already been killed and supplies of water, food, medicines and fuel are running out with a with Israel denying access to all but a tiny trickle of humanitarian aid and ignoring the UN General Assembly vote.
Peter Marshall
More Pictures – Gaza Ceasefire Now! London, UK. 28 Oct 2023.
Peter Marshall
Gaza Ceasefire Now! Protest At Waterloo Station, London. 28 Oct 2023.
Several hundred protesters sat down in Waterloo Station concourse in a protest calling for an immediate ceasefire in Gaza as Israeli forces bombarded the country and cut off all communications. Thousands of children and other civilians including 110 medical staff have already been killed and supplies of water, food, medicines and fuel are running out with a with Israel denying access to all but a tiny trickle of humanitarian aid and ignoring the UN General Assembly vote.
Peter Marshall

More from my Facebook albums for 2023 tomorrow.


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All photographs on this page are copyright © Peter Marshall.
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World Justice And A Black Friday

Tuesday, May 2nd, 2023

World Justice And A Black Friday: Friday 2nd May 2008 was unusual for me as my work began with and event by Just Share in front of the Bank of England when my wife and I appeared together in public, a rather rare event as she seldom comes to London. But later it was a very dark day for London as the results of the Mayoral Election were announced, the begining of 8 years of rule by a dangerously incomptent, unreliable and untrustworthy man who went on to become prime minister and make a real mess of the country too. In between the two events I had time to visit an exhibition and take a little walk along the riverside.


Just Shares Take On The Bank – Royal Exchange, Bank, London

World Justice And A Black Friday

‘Just Share’, based at St Mary-le-Bow church in Cheapside, describes itself as “a coalition of churches and development agencies seeking to engage with the City of London on issues of global economic injustice” and to “address the widening gap between rich and poor in the global economy.”

World Justice And A Black Friday

They had organised the event on the steps of the Royal Exchange in front of the Bank of England, with stalls from several groups involved in the trade justice movement including Operation Noah (a Christian-based charity campaigning about the environment) and Muslim Aid, before speeches by Ann Pettifor of Advocacy International and Operation Noah, previously Jubilee 2000, and The Guardian’s economics editor Larry Elliott.

World Justice And A Black Friday

Following this we walked the short distance to St Mary Woolnoth – one of Hawksmoor’s finest buildings, and where former slave captain John Newton, who wrote ‘Amazing Grace’, preached his last 28 years – a few yards away.

World Justice And A Black Friday

Here there was a seminar where Pettifor expanded her argument about the false basis of our current economic system, which is the subject of her book ‘The Coming First World Debt Crisis‘ arguing that the current global debt-based financial systems are unsustainable and that a structural change is necessary to give proper regard to actual production, and the rediscovery of the insights of earlier Christian (and of course Muslim) traditions.

There wasn’t a huge attendance at the event, and probably a majority of those present were wearing dog collars. I didn’t find it easy to make interesting pictures though I did photograph most of the speakers. And I suspect it fell on very closed ears in financial circles where people were and are personally doing very well from our failed system.

More pictures at Just Shares Take On The Bank.


London Riverside – South Bank and Southwark

It was some time before the result of the London Mayoral elections was to be announced in the early evening, and I made my way to the Hayward Gallery to see an exhibition there before taking a leisurely walk along the South Bank to City Hall. I think there may well have been time for a little food and liquid refreshment too.

On Bankside I made this picture of Cardinal Cap Alley and the house that Christopher Wren didn’t live in. You can see some more pictures from the walk, including at the Hayward Gallery, a distant view of Tate Modern’s chimney, St Pauls Cathedral and the Millennium Bridge and Fishmonger’s Hall at London Riverside.


No to the Crook, the Toff, the Fascist or Cop – City Hall, Southwark

Like other photographers attending protests in London I had become used to being routinely photographed by police photography teams, the so-called Forward Intelligence Teams, FIT. But sitting reading on the steps in Potters Fields on this occasion waiting for things to start I attracted more than the usual attention, perhaps because the book I was reading had the title ‘Terrorist’. As I point out in My London Diary, this is not a training manual, but a novel by one of America’s leading novelists, John Updike.

I was filmed for over a minute and a number of still photographs were taken. Some months later I made a freedom of information request asking what pictures the police held of me, giving this as one of the dates on which I had been photographed. I paid my money, waited and eventually got the response – that they had no pictures of me.

I was there to take pictures as several anarchist groups had come to protest at the result, saying ‘No to the Crook, the Toff, The Fascist or Cop’, declaring none of the four candidates suitable to be Mayor. Personally I felt they were being a little unfair to previous mayor Ken Livingstone who while he had his faults had largely done his best for London and certainly now seems a shining beacon of honesty compared to most of the leading Tories – including Starmer – we have seen since.

Things outside City Hall remained pretty calm until Fitwatch got fed up with being photographed and began to try to frustrate the FIT teams by surrounding one of them with their banners. The police called up reinforcements and the Territorial Support Group (TSG) arrived and began pushing everyone around, including the protesters, press and bystanders, most of whom were tourists, in the direction of a penned area a short distance away. As I reported, ‘One French woman was bemused. “But why are they just letting themselves be pushed” she asked me as I took photographs. “Because this is England and not France” I replied.’

One man sitting watching from the river wall refused to move and was told he was obstructing the highway – which he clearly was not. Eventually they arrested him and dragged him away. But otherwise the police were reasonably well-behaved and on showing my press card I was allowed to walk away from the area.

I was keen to do so, not just because I didn’t want to be kettled, but also because I had seen some of the cannier members of Class War moving away and was able to photograph them displaying an Anti-Fascist banner from a balcony overlooking the site for a few minutes until they melted away as officers began moving in our direction, finding refuge in a nearby pub. By the time the police arrived they obviously couldn’t be bothered to chase them, and contented themselves with moving the innocent public away from the balcony, and after a short time, also moving the press. I went and joined Class War in the pub briefly before leaving for home.

More at No to the Crook, the Toff, The Fascist or Cop.