John said “Today's reports on the threat represented to Britain's financial services industry and the employment it supports shows the real dangers presented to jobs and the economy from the Tories' lack of preparation for Brexit. It is typical of the Tories to now be pulling together a backroom offer that defends financiers whilst failing to clarify how they will defend the workplace rights of working people. In July I set out five principles that must be respected during negotiations to leave the EU, which included protecting the access rights of UK financial services firms alongside freedom of trade, protecting workers’ rights, maintaining our role in the European Investment Bank and protecting the rights of EU citizens currently living and working in the UK and UK citizens in the EU.
Labour has made clear in its five red lines for Brexit negotiations that it will not support a deal that significantly harms financial services' market access to Europe, which can include passporting rights. However, the Brexit vote shows clearly that we cannot presume business as usual will continue. All sectors of the UK's financial services industry will need to continue to demonstrate that they are prepared to make a fair contribution to national prosperity and that their activities produce genuine social value, rather than socially useless activities, to retain public support in any future deals on market access.
The Government must bring forward without further delay its options...
"The evidence is beginning to mount about the lack of preparation for the referendum on behalf of the Tories. Not only did they fail to plan for a Leave vote, but their economic policies have left our economy weaker and more vulnerable as a result of their failure to invest for the future.
"Report after report is showing the impact the Leave vote is having. The UK economy needs immediate investment from the Government, rather than sticking to the failed policies of George Osborne which have helped create the problem. “
“Without urgent intervention the jobs and prosperity of millions of people could be at risk. Britain is on hold waiting for Philip Hammond to tell us what approach he is planning to take, and we can’t wait until the Autumn. It’s time the Chancellor got off the sun lounger and started to show the country he has a grip."
The vote to Leave the EU presents every single one of us in politics with a challenge: to think big and adjust our policies rapidly to the new situation.
So today I want to announce a major new commitment from Labour to the British people. A policy that will form the lynchpin of everything else we do to rescue Britain’s communities from decay; and to rebuild Britain’s industries after years of neglect.
Britain’s relationship with Europe and the rest of the world has now been thrown open to question in a way that it hasn’t been for decades. Labour will not hesitate to defend the interests of working people in the UK, whatever the negotiations throw up.
I have laid down clear red lines that Labour will insist future proposals on our relationship with the European Union cannot cross. These will protect jobs and existing rights for those who live and work here.
But there are consequences for the domestic economy, too, and it is those that I want to address today. It is impossible to understand the vote to Leave without understanding how our economy is failing so many.
One part of this is clear. George Osborne leaves behind a legacy of failure. We said austerity was a political choice. He chose it. The result was spending cuts on a scale not seen for generations. We’ve got public services cut to the bone and in some cases beyond.
We’ve got million people using foodbanks in the sixth richest economy in the world. And investment has fallen, dragging down productivity. Our economy has become far too dependent on low-paid, insecure work as a result.
Worse yet, spending cuts have hit the places least able to cope with them the hardest. If you live in...
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