In a major speech at Bloomberg’s new European headquarters in London on Thursday the Shadow Chancellor set out the next Labour government’s approach to the financial sector.
Let me start by thanking you all for coming today and by thanking Bloomberg for the use of their magnificent new building here in the heart of the City.
Since Jeremy appointed me as Shadow Chancellor three years ago I’ve been touring the City meeting representatives from across the finance sector, asset managers, banks and investors.
Actually it’s nothing new to me because when I was a youngster and chair of Finance on the GLC, effectively the Chancellor of the Exchequer for London, that’s exactly what I would do on a regular basis and established a good working relationship.
For the people I have been meeting over the last two years, if they are readers of some of our more excitable newspapers they expect to be meeting a raving extremist who is about to nationalise their company and send them on a re-education course somewhere up north.
Mind you Mark Carney quoting Marx and Engels the other week has thrown the Daily Mail and others into complete confusion.
I’ve been meeting all these people to explain Labour’s plans and to discuss the important role I want the Finance Sector to play in the transformative programme of the next Labour Government.
At each of those meetings I’ve said the same thing as I will say to you today.
We are completely open and transparent about our plans.
There are some policies that you will like and some of which you will be less enthusiastic about.
I don’t expect some people to be overjoyed at having to pay a bit more in income tax or corporation tax or at the introduction of a Financial Transaction...
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