Tuesday, November 26, 2019

Labour Against the Finance Lobby, By Keval Bharadia

Former Head of Derivatives Product Development at the London Stock Exchange backs Labour to stand up to the UK finance lobby (unlike all previous governments since Thatcher). Josh-Ryan Collins

The finance lobby, arguably the UK’s most aggressive, has turned London into the world’s leading centre for international banking and finance by rigging politics to ensure it pockets the fortunes. I should know, I was former Head of Derivatives Product Development at the London Stock Exchange.

Elsewhere in London and around the UK, we see the impact of austerity since the 2008 financial crash. Homelessness, 14 million living in poverty, 1.5 million destitute, food banks and 120,000 dead and counting from austerity policies. The UN reprimanded the Tories for austerity, saying it has inflicted great misery and is driven by a political desire for social re-engineering not economic necessity in the fifth richest country in the world. Academics have called austerity a deadly class war.

The Pinstripe Mafia, more apt than ever given the number of banking scandals and market manipulation crimes outstanding, are responsible for 50% of the Tory Party’s budget. The finance lobby has donated more than £50 million since 2010 to the Tories, and just five wealthy hedge fund backers have collectively given more than £18 million



Ralph Musgrave said...

Unfortunately Labour politicians (and all other UK and US politicians) have such a hopeless grasp of finance, banking etc that banksters will continue to run rings round politicians.

In particular, bankers have a magic little phrase they always produce when tigher bank regulation is proposed which is "That will hit growth". Politicians (and professional economists come to that) never know how to answer that, so banks will continue to get away with murder.

Kaivey said...

Yes, these financiers really know their stuff, and the good hearted folk at Labour, including the ecooimist PhD's who advise them, and even those in the Conservative Party that would like to see changes, will have a real battle on their hands. They have the power to ruin it for Labour, or anyone else.

Matt Franko said...

“Homelessness, 14 million living in poverty, 1.5 million destitute,”

Immigration from the turd world:


“Net migration continues to add to the population of the UK as an estimated 283,000 more people moved to the UK with an intention to stay 12 months or more than left in the year ending September 2018.”

Kaivey said...

It's crazy. I'm part of the left that wants to put a stop to this, and that includes George Galloway.

Peter Pan said...

When someone moves from one province to another, we don't call these people immigrants. They are Canadians!

Show some respect for your EU brethren.