Newspaper article The Evening Standard (London, England)

Comrade Corbyn's Red Rag to the City; Labour Leader Told He'll Turn Square Mile into Pyongyang in War on Top firmsCity 'Will Be Key to Securing Jobs and Growth after Britain Leaves EU'

Newspaper article The Evening Standard (London, England)

Comrade Corbyn's Red Rag to the City; Labour Leader Told He'll Turn Square Mile into Pyongyang in War on Top firmsCity 'Will Be Key to Securing Jobs and Growth after Britain Leaves EU'

Article excerpt

Byline: Jonathan Prynn and Joe Murphy

JEREMY CORBYN was today warned that he would make Britons poorer as he revealed plans to clip the wings of the UK's wealth-creating finance companies.

The Labour leader vowed to turn the City into a "servant" of what he called "the real economy" and attacked the sector for "out-of-control financial wizardry and gambling".

The City's supporters pointed out that it underpinned 2.2 million jobs and brought in PS72 billion for the Chancellor to spend on public services such as the NHS, and said its success would be vital to keep the UK prosperous after it leaves the European Union.

The veteran City commentator David Buik said Mr Corbyn appeared to want to "turn London into the last Soviet-era capital west of Pyongyang". He added: "To go crashing into the City of London at a time of Brexit, which is proving a very difficult process, is close to insanity." The Institute of Directors said it would be a massive mistake to treat bankers as "bogeymen" when they were vital for the economy.

In his speech to the EEF manufacturers' organisation tonight, Mr Corbyn is expected to say: "There can be no rebalancing of our distorted, sluggish and unequal economy without taking on the power of finance. For 40 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 Continued on Page 6 Continued from Page 1 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 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."

Michael Spencer, founder and chief executive of NEX Group, said "The City is Britain's biggest contributor to taxation and one of the country's largest employers. …

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