Labour’s Shadow Chancellor will
today (Wednesday 2nd December), offer to work “in genuine
partnership” with responsible financial services to deliver a
clean, jobs-rich recovery from the Covid crisis.
In a speech to Bloomberg, Dodds will say that a
“well-functioning, responsible banking sector” has an “essential
role to play in the recovery”.
Dodds will acknowledge the uncertainty that the Government’s
irresponsible decisions during the crisis has caused the sector,
which include:
- Chaotic, last-minute changes to economic support schemes.
- Unfair and inadequate business support packages for Tier 3
areas.
- Silence on the growing and unsustainable debt mountain facing
businesses nationwide.
- Silence on Project Birch plans to support strategic
industries.
- Silence on Brexit less than a month before the transition
period ends.
Despite this uncertainty, Dodds will pay tribute to how financial
services rose to the Covid challenge by ensuring many businesses,
homeowners and others in urgent financial distress got the
support they needed.
And she will praise them for “blazing a trail” for a green
economic recovery, after the amount raised in green bonds on the
London Stock Exchange tripled over the last three years.
But she will call on the sector to go “further, faster” to help
deliver a greener economy with opportunities right across the
country.
Contrasting the Government’s irresponsible approach to
the Covid crisis with the responsible choices Labour would take,
Dodds will say:
“Responsible financial services firms deserve a responsible
government in return.
“Politicians and financial firms should be working hand in hand
to lay the groundwork for our recovery.
“I want us to have a genuine partnership so that together we can
deliver security and opportunity for every part of the country.”
On the essential role that the finance services have to
play in the recovery, she will say:
“A well-functioning, responsible banking sector can help people
save and build their financial resilience.
“Pension funds can take the money workers set aside for tomorrow,
and put it to work, backing the businesses of today.
“As the stewards of our largest businesses, asset managers can
raise the standard of corporate behaviour.
“And insurance companies can direct the money we all put by in
case the worst happens, and make sure it builds a better, greener
future.”
On how financial services can help deliver a cleaner,
greener economy, she is expected to say:
“We need to go further, faster.
“That’s why Labour has called for it to be mandatory for all
listed companies to report in line with the recommendations of
the Task Force on Climate-Related Disclosures next year, when the
UK hosts the COP26 conference.
“And it’s why we sought to amend the Pension Schemes Bill –
working hand in hand with pensions providers – so that pension
schemes become aligned with the Paris Agreement.”
Ends
Notes to Editors
- Labour’s Shadow Chancellor Anneliese Dodds will deliver a
speech to Bloomberg on Wednesday 2 December 2020 at 10:00. The
speech will last for 10 minutes, followed by a 35-minute Q and A
mediated by Bloomberg.
- Please accredit here
by 17:00hrs, Tuesday 1st December. Accredited media will be
sent a link to watch the session.
