Jeremy Corbyn's City Minister slaps down Labour leader after his attack on bankers

Posted on Mar 27 2018 - 3:27pm by admin

However Mr Reynolds was quick to counter saying he believed “good financial services is a public good”.

Mr Reynolds’ defence of the banking sector comes after the Labour leader had accused Britain’s finance professionals of “suffocating” the country’s economy.

But the Shadow Minister veered from the party line saying the financial sector is “important to the UK”, and argued that politicians should not attack it but explain to the public how it might work for them.

He said: “The difference, maybe, between me and Jeremy is I think good financial services is a public good.

“There’s a much bigger job that needs to be done with industry and politicians to explain to people what’s going on around here. 

“This sector is so important to the UK and has always correctly had very good access to people at the very top – the prime minister, chancellor, government, whoever is in power – that less attention has been given to maybe explaining to the public how some of this works.”

Mr Reynolds also said that Mr Corbyn’s position mirrors the beliefs of many British citizens, who might have had “some bad experiences” or “have read about bad experiences involving bankers”.

Speaking to business leaders at the EEF National Manufacturing Conference in February, Labour leader Mr Corbyn vowed to tackle the “destructive” dominance of the finance sector over the real economy and its “undemocratic” control over politics if he became prime minister.

He said: ”We will take decisive action to make finance the servant of industry not the masters of us all. 

“For a generation, instead of finance serving industry, politicians have served finance. We’ve seen where that ends.”

He added that a Labour government would “stand up for real economy” as banks are currently “removed from the economy where people make and deliver things.

He said: “We need a fundamental rethink of whom finance should serve and how it should be regulated.

“There can be no rebalancing of our distorted, sluggish and unequal economy without taking on the unfettered power of finance.”

Lloyds chief executive Antonio Horta-Osorio called out the Labour leader following this comment.

The bank’s CEO said that Britain’s biggest high street lender was “very focused on helping the real economy” and that the firm was “completely aligned” with Mr Corbyn’s vision.

He added: “The UK is 97 percent of our activity and what we do is exactly the real economy.”

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