The British Labour Party’s would-be finance minister, John McDonnell, has accepted an invitation for talks at the Wall Street bank Goldman Sachs (GS.N) as it seeks better relations with a political party whose leaders have pilloried bankers.
Banks in London had hardly bothered to court Labour since 2015, when it elected the leftist Jeremy Corbyn as its leader – but are taking it more seriously after a strong election in which it deprived the Conservatives of their absolute majority and left Prime Minister Theresa May severely weakened.
McDonnell’s spokesman said he had accepted Goldman’s invitation.
“I said of course I would (meet),” McDonnell said in an interview with Bloomberg, which first reported news of the plan to meet a top executive. “We’ll even make him a cup of tea and throw in some Rich Teas (biscuits) as well.”
There is clearly work to be done. The U.S. investment bank Morgan Stanley (MS.N) has told investors political uncertainty is a bigger threat to Britain than Brexit, given the risk of Corbyn winning power and dismantling its free-market economy.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.