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UK opposition says big banks must never again be 'masters of the economy'

With Prime Minister Theresa May's government weakened by her Conservative Party's infighting over Brexit, Labour is hoping her minority government will collapse

Reuters  |  London 

London's vast financial sector must never again be the "masters of the economy", the finance spokesman of Britain's opposition Labour Party said, accusing bankers of profiting from speculation at the expense of ordinary people. John McDonnell, a veteran socialist who is now seeking to reassure business, promised higher taxes and tougher regulation on banks on the 10th anniversary of the collapse of Lehman Brothers - the pivotal moment in the global financial crisis. "The key lesson is this: never let the finance sector become the masters of the economy when ...

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First Published: Sat, September 15 2018. 19:19 IST