Labour U-Turn on bankers bonus: Positive Money response

London, 31 January 2024 –  Positive Money responds to Rachel Reeves’ comments today that she would “unashamedly champion” the UK’s financial sector if Labour wins the general election.

Fran Boait, co-executive director of Positive Money, said:

“It’s deeply disappointing to see Labour go from criticising giveaways to bankers to simply aping the government’s policies.”

“It was cosy relationships with the City during the New Labour era that left us wide open when the crash came, costing the party the public’s trust and ultimately, the next election.”

“The country is crying out for change; Labour must offer something different to the current government, and stop pandering to vested interests in the financial sector. The public won’t forgive them if they’re left picking up the pieces again.”

Notes

• Reeves’ latest comments can be read here: https://www.bbc.co.uk/news/business-68145720 

• Reeves’ condemnation of the government lifting the bonus cap can be found here: https://www.fnlondon.com/articles/autumn-statement-rachel-reeves-slams-government-for-protecting-banker-and-private-equity-bonuses-20221117 

• Reeves also called out the government’s 2021 Autumn Budget for its handouts to bankers: https://www.mirror.co.uk/news/politics/champagne-sipping-bankers-celebrate-rishi-25312606 

About

Positive Money is a research and campaign organisation working towards a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org.uk