News ID: 231445
Published: 0408 GMT September 15, 2018

UK banks profit at ordinary people’s expense: Labour

UK banks profit at ordinary people’s expense: Labour

A senior member of the UK’s opposition Labour Party has accused banks in the country of continually profiting from speculation at the expense of ordinary people, saying if the party ascends to power, it will not allow banks be the “masters of the economy” again.

John McDonnell, Labour’s finance spokesman, said in a Saturday speech that his party would impose higher taxes and tougher regulation on banks in a bid to ease the pressure on the public caused by repeated failures in the finance sector.

“The key lesson is this: never let the finance sector become the masters of the economy when they should be the servants of the economy,” said McDonnell in an event organized outside the Bank of England to mark the 10th anniversary of the collapse of Lehman Brothers, an incident seen by many as pivotal moment in the global financial crisis, Presstv Reported.

McDonnell said a Labour government would seek to redress a balance in the financial services as he said many were still paying the price for the financial crisis that began in 2008 through falling living standards and cuts to public services.

The Labour eyes a chance of taking to the office if the government of Prime Minister Theresa May fails to go through with a deal on Britain’s withdrawal from the EU in the coming months.

A senior Labour member said there is an increasing chance that the party might vote against May’s deal with the European Union on how Britain will leave the bloc in March next year.

“Even if they come back in October, November, and they say, 'this flimsy bit of paper is what you're going to have to agree to, otherwise there'll be no deal', we're not going to agree to either of those," Emily Thornberry told the Financial Times on Friday.



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