London Daily

Focus on the big picture.
Monday, Jun 23, 2025

'You can trust us', Britain's Labour Party tells finance industry

'You can trust us', Britain's Labour Party tells finance industry

Keeping Britain's financial sector globally competitive will be "integral" to a Labour government's plans to increase prosperity, a senior party official said on Thursday. Labour, Britain's main opposition party in parliament, is ahead of the Conservative government in the polls, with a general election expected next year.
Labour is wooing business to quell any worries in the City of London financial hub that it would rein in the sector, if elected.

"When we say you can trust us, with the City and this great financial sector, don't just take us at our word – take us on our record," Jonathan Reynolds, Labour's business spokesperson told TheCityUK's annual dinner.

The City, which backed staying in the European Union, was largely cut off from the bloc by Brexit, leading to some bankers moving to the continent, and Amsterdam overtaking London to become Europe's biggest share trading centre.

It prompted the government to propose the "Edinburgh Reforms" to bolster the City by giving regulators a formal objective to keep finance internationally competitive.

Reynolds said he backed an emphasis on competitiveness, but there would be no restarting of the Brexit debate to regain full EU access for the City.

Instead, he would pursue closer relations with the bloc, such as finalising a memorandum of understanding (MoU) on regulatory co-operation in financial services. Brussels has stalled on the MoU until there is a deal on relations with Northern Ireland.

Backers of Brexit have called for Britain to roll back or scrap financial rules adopted when it was a member of the EU.

Reynolds said Britain was proud of its high regulatory standards, and Labour would not differ from EU rules just for the sake of divergence.

His comments are in line with views of City minister Andrew Griffith in an indication of how a Labour government wants to be seen as representing continuity when it comes to the City. Banks and insurers have called for certainty after years of rhetoric over Brexit.

Reynolds said a Labour government would a focus on finance helping small companies scale up.
Newsletter

Related Articles

0:00
0:00
Close
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
×