UK Labour warns big banks must never again be masters of the economy

By REUTERS
September 15, 2018 02:07
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LONDON - London's vast financial services industry must never again be the "master of the economy," the opposition Labour finance spokesman will say on Saturday in a speech accusing bankers of profiting from speculation at the expense of ordinary people.

John McDonnell, a veteran socialist who is now seeking to reassure business, promised higher taxes and tougher regulation on banks on the 10th anniversary of the collapse of Lehman Brothers – the pivotal moment in the global financial crisis.

In a speech outside the Bank of England, McDonnell will say ordinary people are still paying the price for the crisis through falling living standards and cuts to public services.

"One of the key lessons to be learnt from the crash is that never again must we allow finance to become the master of the economy, rather than its servant," McDonnell will say, according to excerpts of his speech. "Labour in government will put finance to work for the real economy."

With Prime Minister Theresa May's government weakened by her Conservative Party's infighting over Brexit, Labour is hoping her minority government will collapse.

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