Shame on British banks
Few British journalists have done more than Peter Oborne to highlight the plight of Zimbabwe. I commend his excellent article calling us to action in this week's Spectator.
Oborne describes how a German company, Giesecke & Devrient, is helping Mugabe through its printing of trillions of Zimbabwe dollars which is helping prop up the collapsing economy. If the EU were serious in opposing Mugabe it obviously would not tolerate this.
Giesecke & Devrient has 'key accounts' with British companies including RBS, Group4Securicor, the Post Office, HBOS and my bank, HSBC. Each of us should be using our power as consumers to apply pressure to corporations helping keep Mugabe in power. I'm calling HSBC to ask why they are doing business with Giesecke & Devrient.
5pm update: Ivor Godfrey-Davies, HSBC's Head of Group Corporate Relations, has just called. He promised to clarify what, if any, links his company has with G&D and get back to me next week. Having contacted all the firms listed above, I will post the responses I get next week.
Thanks Cameron. I'm going to call my bank, First Direct (HSBC subsidiary) now, too.
Posted by: Tim Montgomerie | June 20, 2008 at 16:53
Good idea, this is something all of us could do. I suggest people write to the Chairman of the relevant institution.
Posted by: Malcolm Dunn | June 20, 2008 at 16:59
What about Barclays Bank... should they be forced to pull out of Zimbabwe in the same way they were dragged out of apartheid South Africa
Posted by: Imogen Brodie | June 20, 2008 at 17:09
Ditto. I suspect not enough people know this. Compare and contrast with the anti-apartheid movement of the 80s and 90s. Though at the time I didn't agree- I would now- they were excellent at highlighting UK involvement with the SA regime. Cameron you should write a letter or article on this for the print newspapers.
Posted by: Graeme Archer | June 20, 2008 at 17:09
Just sent an email off to HBOS.
In future, if you're doing a blog like this where, naturally, you're inviting readers to email or call and make a complaint, it's perhaps worth putting an email address or telephone number for us to use. You'll get more of a response that way.
Posted by: Tim | June 20, 2008 at 17:46
The printing and issuing of money does not prop up an economy, it destroys it through inflation. The Weimar Republic was a classic example. The disastrous Heath government delivered a whopping 25% inflation rate that destroyed family savings.
Cameron Watt shows that he, like that old soak Oborne, is ignorant of even basic economics. I do not understand why such tripe is published on this website.
Posted by: Libertarian | June 20, 2008 at 17:52
I look forward to hearing the response you receive from HSBC
Posted by: Richard Calhoun | June 20, 2008 at 18:00
Libertarian, I'm confused. Are you saying we should give succour to corporations which are aiding the maintenance of the Mugabe regime?
Posted by: Graeme Archer | June 20, 2008 at 22:13
Libertarian is right - long term. But short term, Mugabe is paying his thugs to do his dirty work. Disgusting.
Posted by: Ulster Tory | June 20, 2008 at 22:43
Graeme Archer wrote "Are you saying we should give succour to corporations which are aiding the maintenance of the Mugabe regime?"
No but we cannot stop the Chinese supporting authoritarian regimes in African countries, including Zimbabwe. Sanctions rarely hurt the political ruling class, just ordinary citizens.
My main point is that the smug and priggish Cameron Watt is intellectually vacuous - and not just on economics. Most of what he writes on Conservative Home would shame a GSCE student.
Posted by: Libertarian | June 20, 2008 at 22:59
"My main point is that the smug and priggish Cameron Watt is intellectually vacuous - and not just on economics. Most of what he writes on Conservative Home would shame a GSCE student".
Libertarian, is it possible for you to disagree with someone without personally abusing them?
Posted by: Alexander King | June 20, 2008 at 23:11
International banking and economics, bafling definitely no morals. I'm a little person financially. I know the smell of pooh and I will do my little part about this smell.
Posted by: Sally | June 25, 2008 at 23:10