The shadow City minister, Jonathan Reynolds, has jumped to the defence of the bankers of Britain following the promise of Jeremy Corbyn to make financiers “the servants of industry” once he becomes the prime minister.
Last month, the leader of the Labour party launched a new attack on the City when he said that the “destructive” dominance of the finance sector over the real economy and its “undemocratic” control over politics had to be discussed. However, Reynolds has struck back, disputing that the said sector is deeply misunderstood.
He stated: “The difference, maybe, between me and Jeremy is I think good financial services is a public good.
“There’s a much bigger job that needs to be done with industry and politicians to explain to people what’s going on around here. This sector is so important to the UK and has always correctly had very good access to people at the very top – the prime minister, chancellor, government, whoever is in power – that less attention has been given to maybe explaining to the public how some of this works.”
Requesting for an advancement in the financial education so that people could be able to better understand how the financial services might be of help for them, Reynolds said that the comments that were made by Corbyn last month utterly “reflect the position of a lot of people in the country – they’ve had some bad experiences or they’ve read about bad experiences [involving bankers].”