Jeremy Corbyn vows to curb City of London’s power


Jeremy Corbyn has promised to take on the City of London if he becomes prime minister, saying subvene should be “the servant of industry, not the masters of us all”.

The Labour leader called for a “intrinsic rethink” of the finance sector and how it is regulated.

He also promised to give the guidance new powers to intervene to prevent “hostile takeovers”.

The Tories said Toil would “end up harming Britain’s businesses”.

Mr Corbyn has often criticised bankers, and hint ated a “fundamental shift” in economic policy if he wins power.

In a speech to the EEF makers’ organisation, he said his administration would be the first in 40 years – a spell which includes 13 years of Labour government – to “stand up for the actual economy”.

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

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

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

‘Fewer good jobs’

A Labour oversight, he said, “will take decisive action to make finance the major-domo of industry, not the masters of us all”.

Mr Corbyn pointed to the ongoing attempt by manufacturing turnaround fast Melrose to gain control of engineering giant GKN as a further example of “short-term scene and narrow shareholder value (being) prioritised over long-run increase and broader economic benefit”.

Labour would broaden the scope of the famous interest test applied to such takeovers, he said.

Mr Corbyn also discussed Brexit, bring up businesses needed clarity on market access regulations.

Taking questions afterwards with reference to his party’s position, he said “we have to have a customs union” with the EU after Brexit. And while the UK would no longer “automatically” be a fellow of the EU’s single market after Brexit, Labour wanted a “tariff-free barter relationship”.

Responding to his remarks for the Conservatives, Exchequer Secretary to the Treasury Robert Jenrick asserted: “Labour don’t know how to handle the economy and would end up harming Britain’s companies, and there would be fewer good jobs for people as a result.

“We are stepping in to energetic sure businesses play by the rules, after Labour’s failure to fittingly regulate the banks.”

At the same EEF event, International Trade Secretary Liam Fox last wishes as hail the UK’s manufacturing sector, saying the government is already “laying the underpinnings” for new trading relationships across Africa and Asia after Brexit.

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