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Report from Occupy Newcastle - 18 Oct 2011

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On Saturday 15 October, FRFI Newcastle took part in the Occupy Newcastle global day of action. Following a short rally FRFI supporters participated in a rolling picket on bank occupations, hitting HSBC3, Lloyds TSB and Nat West in protest against the bank bail outs, and the whole of the corrupt parasitic British banking system that is the backbone of Imperialist Britain.

The real income of British households fell by 0.8% in 2010, the first fall since 1981. According to the Institute for Fiscal Studies, it is expected to fall by more than 10% over the next three years, with those on the lowest incomes, the poorest 30%, suffering most from the ConDem government’s austerity measures. 29% of children (3.8 million) live in poverty and this is expected to grow by 2 percentage points (300,000) over the next three years. Britain has very high rates of inequality. Average earnings fell last year. They increased by under 2%, less than half the rate of inflation. In 2010 the median pay of FTSE 100 companies’ chief executives rose by 32% to £3.5m, more than treble the rise of the FTSE index. Their pay is now 145 times the average salary. The multiple was 69 times in 1999. In addition, the poorer sections of the population experience a higher rate of inflation than the rich, so inequality will continue to grow. THIS IS CLASS WAR!

The bankers continue to rule as austerity grows, the rich get richer and wages fall. Tinkering with the British economy will change nothing. Resistance is inevitable and the riots of early August are an early warning sign to the ruling class. Capitalism is fracturing, we must hasten its downfall.

Banks got baild out, we got sold out! Occupy the banks!

Video from Occupy Newcastle: