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It started last month with one encampment outside Saint Paul's Cathedral. Next came the expansion to Finsbury Square, a smaller but similarly active protest camp. Now, Occupy London have unveiled their latest base, and this time they mean business. At four storeys high and taking up almost half a street, this is the third of the Occupy London movement's locations, coming complete with a fully functional conference room and a five hundred seat auditorium. More significantly, this building is owned by the Swiss bank UBS, who themselves are no strangers to controversy. In two thousand and seven, they were accused of heavily profiting from a controversial mortgage scheme in which thousands of British pensioners lost a total of around one billion pounds. They bought the troubled mortgages from another bank. At the time they said that it was an “entirely usual” transaction. It was bailed out by the Swiss government just one year later. This building is one of its assets, and it's worth over fifty four million pounds. Occupy London want to hold educational workshops and community events here. They've named their new space “The bank of ideas”, this concept was explained to us by one occupier. After weeks of being told that their protest was going nowhere, those within the Occupy movement are seeing this as proof that they aren't giving up any time soon. They plan on hosting a conference of worldwide occupy movements inside. Officially the building is now a 'legal squat', meaning that police are powerless to remove the activists from the building without first consulting the courts. The City of London has already started legal action against the Saint Pauls cathedral protest camp. Although this is a private building and in a different part of London, its owners are likely to start taking steps to launch their own case against the protesters. UBS bank today said that they were taking “appropriate action”. In the meantime, Occupy London is likely to squeeze as many events as it can into their limited occupancy time to take full advantage of their new found space.

Added by PTV on 20-11-2011
Runtime: 2m 54s
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