The following resolution was recently passed by the Yeovil BLP.

We recognise that the actions the Prime Minister and the Chancellor of the Exchequer have taken in recent months have been the examples the rest of the world has followed in the fight against the global economic downturn.

We believe this situation gives the government a unique opportunity to look into other forms of banking, ones based on mutuality and co-operation. including the growing Credit Union.

By introducing the principle of mutuality into a publically owned banking system we can invest and safeguard business, savers and home owners from the speculation and gambling that has become rampant in the banking system over the last few decades.

We encourage the government to take control of the banks. We have already used a huge amount of public cash to rescue the banking system from utter collapse, we should ensure that it never happens again by placing it under our control.