A Labour government would have offered the UNITED kingdom, the financial sector in a “new beginning” and a seat at the table when it comes to making policy, John McDonnell said.
The shadow chancellor has said that the City has had a role in the “transformation plan” he would seek to introduce if his party won the next election.
But he said he did not expect all the criteria to be popular, he said to an audience of London.
The Conservative party, said the Work “end up harming Britain’s businesses”.
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Labour Leader Jeremy Corbyn has often criticized the bankers, and has promised a “fundamental change” in economic policy if he wins power.
But the opening of the special Work of half a day, the conference “The Future of Finance,” Bloomberg’s UK headquarters, Mr McDonnell said: “What we are offering is a new beginning in the relationship between Labour and in the financial sector.
“A relationship in which we are able to recognize the potential of a transformed British financial system, at the forefront of technology, creating a clear, socially necessary role.
“The job is not enough to rebuild our economy after the damage of nearly a decade of austerity, but will allow us to modernize.
“And the City is not only getting a good return for the investment you will make in our program, but one that will also be there to provide for you is a company that you can be proud to live in and to provide the quality of life of your families desire.”
Mr McDonnell said that a future Labour government would be “radical, progressive”, adding: “the lesson of The past decades – including the global financial crisis – has been a hands off approach does not deliver sustainable, broad-based growth we need and expect.
“In recent years, the prevailing economic orthodoxy has led to a lower wage today than they were eight years ago, and the slowest decade of growth of productivity since the Napoleonic Wars.
“Although there are clearly other factors, I think that few people now dispute that in fact these economic failures have also contributed to the vote for Brexit in 2016, we regret very much.”
Clive Lewis, Labour’s former shadow defence and business secretary – who quit the shadow cabinet, a little over a year ago – has joined Mr. McDonnell and the team to focus on the “environmental economy”.
The shadow chancellor has said that his mandate would be to “drive the issue of climate change in the heart of the Treasury and policy, and hence the centre of government policy”.
Mr Lewis will be engaged in a countrywide political tour on the issue, Mr McDonnell added, saying that Labour and the government to “take an active role in the management of the economic risks of climate change”.