“Monopoly market greed & fear have produced the current financial crisis, accelerating a general economic downturn”, general secretary Robert Griffiths told the Communist Party political committee on Wednesday.

Calling for a "big boost to working class purchasing power" to combat recession, he urged the labour movement to fight for higher pay in the public and private sectors, together with a substantial rise in state pensions, benefits and the national minimum wage.

Mr Griffiths also proposed windfall taxes on energy and supermarket monopoly profits, a wealth tax on the super-rich and a price freeze of public transport, essential foodstuffs, domestic fuel and housing costs.

"Only public ownership of Northern Rock could safeguard the public money being poured into the failing bank", Mr Griffiths pointed out, "but this should be merely the first step towards creating a socialised, socially-responsible banking sector in Britain".

Britain's Communists urged electors, trade unions and the TUC to press MPs to support a referendum on the EU constitutional treaty going through parliament.

The political committee also demanded that the British government invest in non-nuclear, renewable energy, including clean coal technology, to meet targets on greenhouse gas emissions.

"Relaince on carbon trading will mean that we pay other countries to meet our obligations while Britain carries on polluting", Mr Griffiths remarked.

Demanding that the Israeli government lift its "genocidal" blockade of Gaza, the Communist Party called for the release of Palestinian political prisoners including Marwan Barghouti, to create the conditions for an all-round cessation of hostilities.