The common good

Sue Newsom asks: what can Friends do to create a fairer economic system?

Evils which have struck their roots deep in the fabric of human society are often accepted, even by the best minds, as part of the providential ordering of life. They lurk unsuspected in the system of things until men of keen vision and heroic heart drag them into the light, or until insolent power visibly threatens human welfare.

William Charles Braithwaite, 1919
Quaker faith & practice 23.05

At Britain Yearly Meeting Gathering this year we were reminded by Elizabeth Allen, from South East Scotland Area Meeting, to look for God in organisations as well as in people. George Lakey, the American Quaker author and activist who addressed Friends in a session, stressed the importance of us just showing up in difficult situations. Steve Whiting, from Quaker Peace & Social Witness (QPSW), enjoined us to liberate whatever we possess for God’s service.

Friends, how might we be useful in bringing about a new economic system with fairer banking and more responsible investment into our society?

Despite the passing of the Financial Services (Banking Reform) Act 2013 and the subsequent legislation, passed on 5 March 2015, our banking in the UK falls short of standards of equality, fairness and transparency. John Vickers, who led the Independent Commission on Banking in 2012, has said that banks have further to go to ensure their capacity to absorb losses and to build safer structures. Ichiro Kawachi, the Harvard professor and leading researcher into inequality, wellbeing and growth, has described inequality as a ‘social pollutant’.

The Economics, Sustainability and Peace subcommittee of QPSW stated in July 2015:

We recognise that we need to speak out for a rightly ordered economic system that works for the common good, supporting appropriate elements already in place and promoting relevant reforms. Through local action and participation in the democratic process, we will seek to move towards an economy that reflects our fundamental beliefs regarding the value of humanity and the natural world.

London Quakers held a day conference on banking reform on 1 October 2016 and have held two follow-on meetings to consider actions we can take individually, in our Local and Area Meetings and more widely. A record of these meetings is available on the London Quakers website.

Educating ourselves

Educating ourselves, at all stages of our lives, about how our economic and banking systems work is key to empowering us to engage in useful dialogue with those who can bring about the changes we seek. QPSW have provided us with the materials and guidance to do just that. Its new economy series of booklets enable us to develop our understanding and to reflect on alternative models to the current systems. There are over forty Quaker new economy reading groups set up across the UK studying these and other texts on banking and a new economy.

Making links individually and through our Local and Area Meetings with a local Positive Money group is something else we can do; it is another route for gathering information and educating ourselves. Positive Money is a national organisation working to put monetary policy at the heart of the political agenda, to make the case for monetary policy that works for people not just financial markets. The ‘Your Faith, Your Finance’ website is another source of really useful information and guidance.

We can all consider the banking and saving arrangements we use personally and in our Local and Area Meetings. There are many alternative saving arrangements we can make to ensure that we use financial institutions that we think are ethical and uphold our Quaker testimonies. There are a growing number of financial institutions that describe themselves as ‘ethical’. Two we heard of at the conference last October are Oikocredit and Triodos Bank.

In another, very welcome development, Lancaster Meeting is supporting Area Meetings to become Living Wage accredited employers

Currently there is no all-party parliamentary group on furthering a new economy and banking reform. North London Quakers recently agreed a minute supporting Friends to seek the formation of such a body. We in the North London Area Meeting New Economy Reading Group plan to take this forward with the help of other interested Friends.

Jessica Metheringham, Britain Yearly Meeting’s parliamentary engagement officer; the QPSW new economy team; and Positive Money are also advising us. We believe forming such an all-party parliamentary group could provide the impetus and direction needed to influence the government, and to take forward legislation for change in our banking system beyond the Financial Services (Banking Reform) Act 2013.

An all-party parliamentary group on furthering a new and fairer economy would need to have a clear and informed purpose to be effective. The new economy booklets are helping us envision what a different and fairer economic system might look like and the possible changes on which we might seek to brief MPs.

There is much work already being done to increase awareness and understanding, by organisations such as New City Agenda and the St Paul’s Institute. We plan to work with those of other faiths and none. An all-party parliamentary group could bring together this work. We will encourage a fairer economic system in which our Quaker testimonies could flourish.

A fairer economy

The fourth new economy booklet states:

It is vital that we ground our consideration of banking and money in relation to our spiritual values, Quaker testimony and our recognition that equality, integrity, sustainability, community, simplicity and peace must be embodied in our economic system.

As Quakers we have a great history of bringing about social change. We hope, working together in the Spirit, we can bring about a rightly ordered economic system with banking systems that can work for the common good and achieve a fairer economy for us all. We are keen to hear and learn from Friends about links they may have made already with individuals and groups working towards similar purposes. There may be other new economy reading groups across the UK who are already involved in this work.

We heard the story of ‘The Enormous Turnip’ at Britain Yearly Meeting – and were reminded that it was the mouse who made the difference!

Further information:
www.londonquakers.org.uk
www.quaker.org.uk/neweconomy
www.positivemoney.org/local-groups
www.yourfaithyourfinance.org
livingwage@lancsquakers.org.uk
group@nlqnew.economy.org.uk

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