We expect a new financial settlement: nothing else will do

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I very much liked this letter in the FT this morning, from a tax justice colleague:

It was good to see the FT endorse bailout conditionality in its recent editorial (FT View, April 29). You note our letter in which church leaders also suggest that conditions should be attached to state aid. However, you miss our broader point that this is not just about how we manage the immediate economic crisis, but about the social contract that is being renegotiated in our midst. The British public are accepting unprecedented infringements to their liberties for the sake of the wider good, and when this crisis ends they will not tolerate a return to business as usual. This is not about bashing bankers, as you suggest, but about a vision of collective responsibility. There must be a new financial settlement.

Justin Thacker, National Coordinator, Church Action for Tax Justice

Justin is right: we are paying a price right now.

We expect that to be recognised

The settlement due is a new financial settlement.

And we will demand it.