Taking their lead from the "Occupy Wall Street" movement in New York, protesters - who were recruited through a social media campaign - rallied outside St. Paul's Cathedral on Saturday, right next to the building that houses the London Stock Exchange.

"We are the 99 percent," declared the demonstrators, many waving placards and some wearing masks. The slogan was a reference to statistics that show the richest 1 percent of people in the world own approximately 40 percent of global wealth.

London's Metropolitan Police said five people were arrested - three of them for assault.

The organizers had hoped that hundreds of people would set up a camp outside the London Stock Exchange similar to the one in New York. But they hadn't banked on the fact that Paternoster Square, where the building stands, is privately owned.

To prevent demonstrators entering the site, which is also the London home of global investment bank Goldman Sachs, police set up a shield of officers on horseback. Many protesters jeered as they were turned back.

Signs were placed on nearby buildings warning protesters not to trespass. Police called on the organizers not to camp out at nearby St. Paul's, but around 250 protesters ignored the warning and camped there overnight. Many were still there on Sunday afternoon.

"We will stay as long as we need to," one protester told the AFP news agency.

Anger about cuts

Many protesters denounced corporate greed and what they alleged was an unhealthy relationship between government and the financial services industry.

"I'm furious that tax money is being funneled into corporate profits and not used for the social programs that it's meant for," said American Annie Rife, who now lives in London.

Originally from Denver, Colorado, Rife told Deutsche Welle she was "thrilled" that the "Occupy" movement that began in New York is going global.

Others called for an unwinding of the British government's austerity measures, many of which are yet to be felt. "I'm against the cuts," said Naomi Byron who lives in the nearby London borough of Tower Hamlets. "I don't think they're necessary."

"After the Second World War, we were in just as big a financial crisis but actually we set up the National Health Service, we developed industry. Here we're being asked to pay for the bankers' crisis and actually it was their fault," added Byron, who works part time for the Socialist Party.

Surprise speaker

WikiLeaks founder Julian Assange gave a short speech to the rally, attacking the financial and political system which had allowed corporate greed to flourish.

The Australian activist is currently on bail but under curfew as he fights extradition to Sweden over rape allegations.

Many who have been left jobless or had welfare payments reduced by the public sector cuts took part in the London rally: "I am the one-in-ten unemployed," said Ash Phipps from the south London district of Brixton.

"I've recently retrained but with all the cuts I'm unable to get a job," the 39-year-old added.

"I'm not saying let's have a socialist society. But I think there's got to be a middle ground. I think there's got to be a way forward that serves the majority, not the minority," said Phipps.

In just a few weeks since the New York protests began, a British Facebook group quickly gathered more than 13,000 members - 5000 of whom had promised to turn up.

The international dimension

The London rally was also noticeable for its international flavor. Italian and Spanish groups played a key role in drumming up support. Several international students at British universities from Asia and North and South America turned out to show their solidarity with other Occupy rallies worldwide.

Also noticeable was the increasing distrust that many people feel towards many mainstream media outlets in the reporting of the financial crisis and the current state of the world economy. Some were angry at the way opposition voices are sometimes ridiculed in some quarters.

"I think its important that people don't get confused between protesting and rioting," said protester Paul Obertelli, referring to the recent disturbances in many British cities including London. "The media would like to blend the two together to discourage people from coming out to do things like this today."

Police deny controversial tactics

Britain's Metropolitan Police, which has been criticized for its handling of student protests last year, denied the use of "kettling" - which is when a large formation of police officers contains a crowd within a limited area - during Saturday's protest.

Still, during the afternoon and evening, several lines of officers prevented demonstrators from entering or leaving the St.Paul's site.

Author: Nik Martin, London
Editor: Nicole Goebel