Anti-Capitalism Activists Occupy Bank Block

Anti-capitalism demonstrators have occupied an empty east London office block owned by investment bank UBS.

The Occupy London campaigners - who have been camped outside St Paul's Cathedral for weeks - moved into the building in Hackney saying it was carrying out a "public repossession".

One, Jack Holburn, said: "Whilst over 9,000 families were kicked out of their homes in the last three months for failing to keep up mortgage payments - mostly due to the recession caused by the banks - UBS and others financial giants are sitting on massive abandoned properties.

"As banks repossess families' homes, empty bank property needs to be repossessed by the public.

Referring to the Government's sale of Northern Rock to Virgin Money for less than its bailout had cost the taxpayer , he accused the Government of failing to create "public value out of banking failure".

A UBS spokeswoman said: "We are aware of the situation and are taking appropriate action."

The activists said that a "Bank Of Ideas" would be opened at the site on Saturday and the office space would be opened to "those that have lost their nurseries, community centres and youth clubs to savage Government spending cuts".

However, a long-term occupation like that outside St Pauls seemed unlikely after the protesters said there would not be camping out in the building.

Earlier this week, the City of London Corporation ordered the protesters to move their tents and equipment from the footpath by the cathedral or face legal action.

The group has also targeted Finsbury Square in Islington, north London, for their protests.