Jeremy Corbyn vows to 'take on the power of finance' in blast at City of London

Posted On: 
20th February 2018

Jeremy Corbyn will today put the City of London on notice as he vows to “take on the power of finance”.

Jeremy Corbyn will say deregulated finance is "pernicious and undemocratic"
Credit: 
PA Images

The Labour leader will say the financial services sector will become “the servant of industry, not the masters of all” if he wins power.

At a speech to the EEF manufacturers organisation he will promise new powers to prevent “hostile takeovers” as part of a “fundamental rethink” of economic policy.

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"There can be no rebalancing of our distorted, sluggish and unequal economy without taking on the power of finance," he will declare.

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

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

But Robert Jenrick, the Tory Exchequer Secretary to the Treasury, blasted: "Labour don't know how to handle the economy and would end up harming Britain's businesses, and there would be fewer good jobs for people as a result.

"We are stepping in to make sure businesses play by the rules, after Labour's failure to properly regulate the banks."

Elsewhere at the EEF event, International Trade Secretary Liam Fox will insist he is “laying the groundwork” for new trade relationships across the globe.