Big banks must never again be ‘master of the economy’, John McDonnell to warn

Shadow chancellor will say ordinary people are still paying the price of 2008 crisis

London’s vast financial services industry must never again be the “master of the economy”, the shadow chancellor, John McDonnell, will say on Saturday in a speech accusing bankers of profiting from speculation at the expense of ordinary people.

The veteran socialist who is now seeking to reassure business, promises 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.

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