Labour seeks “genuine partnership” with financial services to deliver security and opportunity for every part of Britain
Labour’s Shadow Chancellor Anneliese Dodds MP will today (Wednesday 2nd December), offer to work “in genuine partnership” with responsible financial services to deliver a clean, jobs-rich recovery from the Covid crisis.
In a speech to Bloomberg, Dodds will say that a “well-functioning, responsible banking sector” has an “essential role to play in the recovery”.
Dodds will acknowledge the uncertainty that the Government’s irresponsible decisions during the crisis has caused the sector, which include:
- Chaotic, last-minute changes to economic support schemes.
- Unfair and inadequate business support packages for Tier 3 areas.
- Silence on the growing and unsustainable debt mountain facing businesses nationwide.
- Silence on Project Birch plans to support strategic industries.
- Silence on Brexit less than a month before the transition period ends.
Despite this uncertainty, Dodds will pay tribute to how financial services rose to the Covid challenge by ensuring many businesses, homeowners and others in urgent financial distress got the support they needed.
And she will praise them for “blazing a trail” for a green economic recovery, after the amount raised in green bonds on the London Stock Exchange tripled over the last three years.
But she will call on the sector to go “further, faster” to help deliver a greener economy with opportunities right across the country.
Contrasting the Government’s irresponsible approach to the Covid crisis with the responsible choices Labour would take, Dodds will say:
“Responsible financial services firms deserve a responsible government in return.
“Politicians and financial firms should be working hand in hand to lay the groundwork for our recovery.
“I want us to have a genuine partnership so that together we can deliver security and opportunity for every part of the country.”
On the essential role that the finance services have to play in the recovery, she will say:
“A well-functioning, responsible banking sector can help people save and build their financial resilience.
“Pension funds can take the money workers set aside for tomorrow, and put it to work, backing the businesses of today.
“As the stewards of our largest businesses, asset managers can raise the standard of corporate behaviour.
“And insurance companies can direct the money we all put by in case the worst happens, and make sure it builds a better, greener future.”
On how financial services can help deliver a cleaner, greener economy, she is expected to say:
“We need to go further, faster.
“That’s why Labour has called for it to be mandatory for all listed companies to report in line with the recommendations of the Task Force on Climate-Related Disclosures next year, when the UK hosts the COP26 conference.
“And it’s why we sought to amend the Pension Schemes Bill – working hand in hand with pensions providers – so that pension schemes become aligned with the Paris Agreement.”