Labour's pro-business stance has been reinforced by a series of high-profile meetings with City financiers and industry leaders. The most recent example is Jamie Dimon, the boss of JP Morgan, who hosted a birthday celebration for King Charles at its new Manhattan headquarters. Despite being in the US, the king was not invited, but Varun Chandra, the prime minister's envoy, was among the 400 guests to reassure the JP Morgan boss of Labour's pro-business stance.
The meeting came just days before Rachel Reeves' budget, which aimed to soothe business fears and bond market jitters. Although banks were spared a tax rise in the budget, Dimon unveiled plans to build a £3bn tower in London's Canary Wharf district, with conditions attached. The bank sees itself as critical to the government's growth mission, contributing almost 10% of UK GDP and employing 1.2 million people.
Labour has been rolling out the red carpet for Wall Street and City financiers in an effort to woo bankers and company bosses after a pre-election love-in turned sour. However, critics say the party's proximity to the boardrooms of the Square Mile does not sit comfortably with its own MPs and voters, who are still reeling from the 2008 financial crisis.
The city has won a prized status in government, amid fierce lobbying efforts to ensure it remains one of the few off-limits sectors. Norman Blackwell, a former chair of Lloyds Banking Group, says Reeves has "work to do" to rebuild confidence with City leaders after her £40bn tax-raising budget. Blackwell believes Labour's pro-business stance is far from convincing and that the party needs to do more to address concerns about wealth creation in the economy.
The chancellor's failure to levy a windfall tax on banks in the budget has been seen as a major missed opportunity. Sara Hall, co-executive director at Positive Money, says it's "very concerning" that while the public is asked to contribute more to fix public services, banks got off scot-free. She argues that there needs to be a proper public conversation about the sector's lobbying and influence.
The episode highlights how financial services has become a prized asset for Labour, with Goldman Sachs boss David Solomon advising Reeves against increasing bank taxes just days before the budget. The fact that Solomon ripped up his briefing notes to focus exclusively on the issue has been cited as evidence of the city's growing influence over government policy.
Despite this, bankers have still managed to rake in record profits, benefiting from rising interest rates and quantitative easing. Positive Money estimates banks made £24.1bn in the first half of 2025 alone, amounting to almost £1bn a week. The TUC has called for banks to use their bumper profits to pay a bit more in tax to invest in public services.
In conclusion, Labour's pro-business stance has been reinforced by its high-profile meetings with City financiers, but critics argue that the party needs to do more to address concerns about wealth creation and lobbying influence.
The meeting came just days before Rachel Reeves' budget, which aimed to soothe business fears and bond market jitters. Although banks were spared a tax rise in the budget, Dimon unveiled plans to build a £3bn tower in London's Canary Wharf district, with conditions attached. The bank sees itself as critical to the government's growth mission, contributing almost 10% of UK GDP and employing 1.2 million people.
Labour has been rolling out the red carpet for Wall Street and City financiers in an effort to woo bankers and company bosses after a pre-election love-in turned sour. However, critics say the party's proximity to the boardrooms of the Square Mile does not sit comfortably with its own MPs and voters, who are still reeling from the 2008 financial crisis.
The city has won a prized status in government, amid fierce lobbying efforts to ensure it remains one of the few off-limits sectors. Norman Blackwell, a former chair of Lloyds Banking Group, says Reeves has "work to do" to rebuild confidence with City leaders after her £40bn tax-raising budget. Blackwell believes Labour's pro-business stance is far from convincing and that the party needs to do more to address concerns about wealth creation in the economy.
The chancellor's failure to levy a windfall tax on banks in the budget has been seen as a major missed opportunity. Sara Hall, co-executive director at Positive Money, says it's "very concerning" that while the public is asked to contribute more to fix public services, banks got off scot-free. She argues that there needs to be a proper public conversation about the sector's lobbying and influence.
The episode highlights how financial services has become a prized asset for Labour, with Goldman Sachs boss David Solomon advising Reeves against increasing bank taxes just days before the budget. The fact that Solomon ripped up his briefing notes to focus exclusively on the issue has been cited as evidence of the city's growing influence over government policy.
Despite this, bankers have still managed to rake in record profits, benefiting from rising interest rates and quantitative easing. Positive Money estimates banks made £24.1bn in the first half of 2025 alone, amounting to almost £1bn a week. The TUC has called for banks to use their bumper profits to pay a bit more in tax to invest in public services.
In conclusion, Labour's pro-business stance has been reinforced by its high-profile meetings with City financiers, but critics argue that the party needs to do more to address concerns about wealth creation and lobbying influence.
but like, ppl r still questioning if it's all good 
rachel reeves' budget was supposed 2 soothe biz fears but instead, banks are just buildin a £3bn tower in london 
wth? & dont even get me started on the tax thing,£40bn is just crazy 
positive money needs 2 make some noise abt this tho 
. I mean, what's £3bn tower for Canary Wharf gonna do for the average person? Just more gentrification and price hikes on already overpriced flats 
. And don't even get me started on Reeves' budget - a tax rise for everyone else but not for banks? No thanks 
.
they're literally just groveling 2 rich bankers & financiers like jpmorgan's dimon lol what's wrong w/ them?? 
& what's w/ the chancellor not listening 2 critics like blackwell & sara hall?? they gotta do more than just kiss up 2 rich ppl 
can't wait 4 the next election tho 
. It seems like Labour is being super accommodating to the banking industry and it's not sitting well with a lot of people 
. Meanwhile, public services are still struggling and we're being asked to contribute more through taxes 
.
.
. It feels like we're living in a world where corporations have more power than governments, and it's not okay 
. We need to hold our politicians accountable for making decisions that benefit the people, not just the banks 
.
. what really needs to happen is for them to have a more in-depth conversation about the issues that matter to the regular folks, not just the 1% who run the banks 
.
. and honestly, £3bn tower in Canary Wharf sounds like a sweet deal for JP Morgan, but where's the investment in public services? 
. labour's got some work to do if they want to be seen as truly on the side of the people 
.
. It's just another example of how Labour is getting too cozy with the City crowd 
. Back in my day... 
It's crazy how much influence those city bigwigs have over Labour's policies. Like, seriously though, £3bn tower in Canary Wharf? That's just another way to line the pockets of the already rich. And what about all those bankers raking it in while the public is still struggling with the 2008 financial crisis? 
, but at the same time, MPs are like "wait a minute, this isn't right" 
! We need some balance here 
.
. It feels like there needs to be a proper conversation about this 
. Labour's trying to play nice with the city, but critics say they need to do more 
?
. I think Labour needs to take a step back and remember why they're in politics: to serve the people, not just the wealthy elite 
The party's ideology gets watered down with every high-stakes meeting and whispered promise 
. We need real change, not just a fancy facade 
. They're basically rolling out the red carpet for Wall Street and City financiers, which doesn't sit well with regular people who are still feeling the pinch from the 2008 financial crisis 
. It's just not convincing when you're telling people to contribute more to fix public services while bankers are raking it in 
.
. We need more transparency and accountability from our government, especially when it comes to financial services 
. Maybe Labour needs to have an honest conversation with its MPs and voters about what this pro-business stance really means. Can't we get a bit more balance here?