Wednesday, November 13, 2019
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Jeremy Corbyn vows to take on ‘pernicious and undemocratic’ finance sector

Jeremy Corbyn will pledge to stand up to bankers and the finance sector, in a bid to rebalance the economy in favour of jobs and industry, when he addresses The Manufacturers’ Organisation Conference in a speech later today.

The Labour leader will say the finance sector needs “a fundamental rethink”, and that the next Labour government will make it “the servant of industry not the masters of us all”, instead of the welfare state being left “to pick up the slack with sticking plaster redistribution to the people” when it all goes wrong.

Jeremy Corbyn will also raise the case of Melrose’s attempted takeover of GKN, a manufacturer that employs 6,000 workers in the UK, pledging to “broaden the scope of the ‘public interest test’, allowing Government to intervene to prevent hostile takeovers which destroy our industrial base.”

Mr Corbyn will claim the Tory Government is failing business by not providing clarity on Brexit, saying that “with two out of six of the Government’s “Road to Brexit” speeches already delivered, the Tories approach to Brexit is, if anything, less clear.”

He will also raise the case of Melrose’s attempted takeover of GKN, a manufacturer that employs 6,000 workers in the UK, pledging to “broaden the scope of the ‘public interest test’, allowing Government to intervene to prevent hostile takeovers which destroy our industrial base.”

Jeremy Corbyn is expected to say: “We need a fundamental rethink of whom finance should serve and how it should be regulated. There can be no rebalancing of our distorted, sluggish and unequal economy without taking on the power finance.

“For forty years, deregulated finance has progressively become more powerful. Its dominance over industry, obvious and destructive; its control of politics, pernicious and undemocratic.

“The size and power of finance created a generation of politicians who thought the City of London could power the whole economy. Out of control financial wizardry and gambling were left barely regulated, while the real economies in once strong industrial areas were put into managed decline.

“The welfare state was left to pick up the slack with sticking plaster redistribution to the people and places held back by the finance-led boom in the South East of England.

“For a generation, instead of finance serving industry, politicians have served finance. We’ve seen where that ends: the productive economy, our public services and people’s lives being held hostage by a small number of too big to fail banks and casino financial institutions.

“No more. The next Labour Government will be the first in 40 years to stand up for the real economy. We will take decisive action to make finance the servant of industry not the masters of us all.”

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