WATCH Jeremy Corbyn blasts Morgan Stanley ‘gamblers’ after bank warns against Labour govt

Posted On: 
30th November 2017

Jeremy Corbyn has attacked the “speculators and gamblers” at the top of Morgan Stanley after the US bank suggested a Labour government would pose more of a threat to business than Brexit.

Jeremy Corbyn said the 'greed' of Morgan Stanley and other financial firms led to austerity
Credit: 
PA Images

In a report to investors last week, the firm issued a stark warning about the “radical” shifts Britain might see under a new Labour administration.

But in a scathing rebuke, the Labour leader said his party was only a “threat to a damaging and failed system that’s rigged for the few".

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He accused Morgan Stanley of the "greed" which led the financial crash in 2008 and the subsequent years of austerity under the Conservatives.

And he blasted links between Tory donors and the bank, who he noted "clearly regard Labour as a government in waiting".

“These are the same speculators and gamblers who crashed our economy in 2008. And then we had to bail them out,” Mr Corbyn fumed in a new video.

“Their greed plunged the world into crisis and we're still paying the price, because the Tories used the aftermath of the financial crisis to push through unnecessary and deeply damaging austerity.

“That’s meant a crisis in our public services, falling wages and the longest decline in living standards for over 60 years.

“Nurses, teachers, shopworkers, builders, just about everyone is finding it harder to get by, while Morgan Stanley’s CEO paid himself £21.5m last year and UK banks paid out £15bn in bonuses.

“Labour is a growing movement of well-over half-a-million members and a government in waiting that will work for the many. So when they say we’re a threat, they’re right.

“We’re a threat to a damaging and failed system that’s rigged for the few."

Mr Corbyn added that Labour will receive an independent report on the finance sector next month which will guide how they can "protect" the UK economy.

In its report last week, Morgan Stanley said the “double whammy” of Brexit uncertainty and a fragile domestic political situation meant a change of Government “could be perceived as a bigger risk than Brexit.”

"From a UK investor perspective, we believe that the domestic political situation is at least as significant as Brexit, given the fragile state of the current government and the perceived risks of an incoming Labour administration that could potentially embark on a radical change in policy direction," it said.