Corbyn promises to muzzle City of London

Corbyn promises to muzzle City of London


In a speech to the EEF manufacturers’ organisation on Tuesday, Labour Leader Jeremy Corbyn demanded a “fundamental rethink” on the finance sector and how it is regulated.

Corbyn declared that finance should be the “servant of industry, not the masters of us all”, promising to give the government new powers to prevent hostile takeovers.

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

“For 40 years, deregulated finance has progressively become more powerful.

“Its dominance over industry, obvious and destructive; its control of politics, pernicious and undemocratic.”

The relationship between Corbyn and the City has always been fractious. Following a Morgan Stanley report warning that Corbyn was a “worse threat to business than Brexit”, Corbyn responded: “you’re right, we are a threat.”

At the same EEF event, Liam Fox is also expected to outline his vision for “laying the groundwork” in new trade partnerships with Asia and Africa after post-Brexit.

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