Viewpoints

3 weeks ago

Too little trust after Brexit for equivalence to work

by Nick Smith Why would you want to be the same as a competitor?  In any other walk of life – commerce, sport, romance, politics – we focus on differentiating ourselves.  While having parity can be helpful in some respects, what we do better than the other person is always more important. While the UK was always a competitor while inside the EU, there was a framework to that competition. …

3 weeks ago

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…

3 weeks ago

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….

2 months ago

There is an alternative: progressive views on rebuilding post-pandemic Britain

Labour in the City and Cicero/AMO are delighted to present this collection of essays on the City and its relationship with the UK economy. We are grateful to all our contributors for providing such thought-provoking and original insights, taking in everything from Albert Camus to net zero, and hope you find them equally compelling. Contributions: Introduction – Nicholas Smith & Tom Frackowiak Foreword – Rt Hon Pat McFadden MP Something is…

2 months ago

What Labour can learn from Goldman Sachs

By Nick Smith Sympathy seems to be in short for the Goldman analysts whose feedback on their working environment made it into the public domain earlier this week. While the content was familiar territory – who’d have thought investment banking entailed long hours and a huge amount of work preparing presentation materials? – it’s rare to see concerns documented and put to management in this fashion. Some may sneer at…

4 months ago

Shorting the City: The Tories’ Brexit deal fails the financial services industry

By Pat McFadden There was a revealing moment in the House of Commons debate on the Government’s Brexit deal.  Labour MP Peter Kyle asked the Prime Minister about the absence of coverage for financial services in the deal.  The Prime Minister ducked the question but said he was glad Labour was “backing the bankers”. The Prime Minister’s response summed up how the financial services sector has been viewed by much…

7 months ago

Look north, Labour politicians urge the City

Sheffield is packed with people with PhDs. The Tees Valley is home to a skilled workforce of which Britain can be proud. The City can do more to invest in talent and support entrepreneurialism in these regions. Those were some key takeaways from a Labour in the City panel discussion focusing on how the financial services industry can contribute towards a “levelling up” of Britain’s dangerously geographically lop-sided economy. Jessie…

7 months ago

How the City can be a good neighbour

Your business may be global – but think locally about hiring, and mentoring, young people. That was the message to City employers from Rushanara Ali, the Labour MP for Bethnal Green & Bow, during a Q&A session with Labour in the City members. Rushanara’s constituency neighbours the Square Mile – it includes Spitalfields, Whitechapel and a chunk of Bishopsgate, together with East End neighbourhoods such as Stepney and Bow. She…

8 months ago

Listening to the red wall

Labour in the City were delighted to host a virtual Q&A between Deborah Mattinson, founding partner of Britain Thinks and former political strategist to Gordon Brown, and 40 of our members. Deborah spoke about her new book ‘Beyond the Red Wall’ which analyses the underlying causes resulting in the 2019 election results and the totemic shift in party loyalties. For those who couldn’t make it in person here are some of…

9 months ago

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…

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