Labour’s love for banks: Treasury meetings with lenders soar

Labour's Shift in Stance on Banks

Since Labour took office in July last year, Treasury ministers have met with banks more frequently, as shown by data from The Banker.

Initially, banks and the financial services community were concerned about Labour's arrival, given their left-wing stance and promises to protect consumers and rebuild public services.

Sir Keir Starmer described himself as a socialist, and Labour's manifesto spoke of fiercely protecting consumers and rebuilding public services due to the "mess made by banks".

However, 16 months into Starmer's term as prime minister, the government has pushed through numerous financial reforms to cut red tape for the industry, indicating a softer stance on banks.

Author's summary: Labour's stance on banks has softened since taking office.

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The Banker The Banker — 2025-10-29

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