The UK needs to focus on equivalence where it most matters
By Shayne Halfpenny-Ray Equivalence is an often discussed and at times overestimated outcome for the UK/EU negotiations, particularly in the space of financial services. Its not inevitable, its likely not to happen, and there are huge chunks of financial services unlikely either to be equivalent or have a mechanism to ever seek such a vaunted goal. I could of course end this killjoy blog here and move on to stamping…
The City is now asking whether equivalence is needed at all
By Tanisha Aggarwal With news that the UK and the EU have reached a deal on financial services co-operation, a pathway to future EU market access is now open for the City of London. However, the technical details do not include the UK Government’s coveted request for equivalence. The EU has indicated that this Memorandum of Understanding may open up the possibility of an equivalence agreement further down the line….
Why random drug testing at work is a bad policy
How would you feel about your employer ushering you into a room and requiring you to pee in a bottle? That’s the scenario favoured by Shaun Bailey, the Conservative candidate for Mayor of London, who wants to introduce random drug testing in the office. Bailey wants all businesses with more than 250 employees to sign up to a testing charter, routinely checking for signs of illegal drugs. He would then…
Not saying anything racist isn’t enough
Is it time to anonymise CVs to stamp out unconscious bias against BAME people in the financial services industry? Could banks and financial institutions bring in a “Rooney rule”, as in American football, whereby people of colour must be on the interview list for senior jobs? Should responsibility be shouldered by white “allies” to promote ethnic diversity rather than leaving the battle to be fought by BAME colleagues? Those were…
Ten years on: banking beyond the crisis
To mark the tenth anniversary of the global financial crisis, Labour in the City launched an anthology of writing on the future of the financial services industry at a reception at London’s Guildhall with Alistair Darling, the former Chancellor of the Exchequer. More than 150 Labour in the City members heard Lord Darling offer his recollections on his role in stabilising the UK economy at the height of the banking…
The Lehman Trilogy review: where did banking’s purpose go?
By Sophia Morrell, Chair, Labour in the City Ten years on from the financial crisis, both the media and City are replete with perspectives on the crisis. However, none takes so profound a journey as The Lehman Trilogy into the genesis of an institution which is the emblem of a sector that lost its way. The play, written by Stefano Massini and playing at the National Theatre until October 20th,…
How could Labour create a progressive financial services policy?
Regardless of who triumphs in the Labour Party’s leadership contest, it is worth considering how the party could construct a progressive financial services policy programme based on both its ideology and values and recognising the value of a robust financial sector. A fresh agenda in this area may now be worth pursuing given the ongoing global debate on reform of the financial system and corporate governance and the new Prime…