Corbyn hits back at Morgan Stanley in banker row

Jeremy Corbyn attacks 'greedy' bankers

By Greg Heffer, Political Reporter

Jeremy Corbyn has issued a furious retort to Morgan Stanley after the major investment bank warned a Labour election victory could pose a bigger threat to British business than Brexit.

In a new video, the Labour leader branded bankers like Morgan Stanley "the same speculators and gamblers who crashed our economy in 2008" as his party pledged to regulate finance "to serve the public".

In a strongly-worded attack on the American bank, Mr Corbyn singled out the multi-million pound pay packet of Morgan Stanley boss James Gorman, along with the billions paid to UK bankers in bonuses last year.

He insisted Morgan Stanley are "right" to view Labour as a threat, claiming his "government-in-waiting" will target "a damaging and failed system that's rigged for the few" if elected.

Labour have highlighted meetings between Conservative ministers and Morgan Stanley over the past months, as well as historical donations to the Tories from individuals linked to the bank.

Morgan Stanley's UK headquarters
Morgan Stanley warned investors about the UK's political situation

And, accusing Morgan Stanley of seeking to keep the Conservatives in power, Mr Corbyn said: "They want to keep the Tories there, because their rigged economy and their tax cuts for the richest work for them.

"These are the same speculators and gamblers who crashed our economy in 2008. And then we had to bail them out.

"Their greed plunged the world into crisis and we're still paying the price, because the Tories used the aftermath of the financial crisis to push through unnecessary and deeply damaging austerity.

"That's meant a crisis in our public services, falling wages and the longest decline in living standards for over 60 years.

"Nurses, teachers, shopworkers, builders, just about everyone is finding it harder to get by."

Jeremy Corbyn covers the latest issue of @BritishGQ @jeremycorbyn #JeremyCorbyn

— British GQ (@BritishGQ) November 30, 2017

On Wednesday, Morgan Stanley's European Equity Strategy team told investors the UK's "domestic political situation is at least as significant as Brexit, given the fragile state of the current government and the perceived risks of an incoming Labour administration that could potentially embark on a radical change in policy direction".

They added UK investments may not improve even if Brexit negotiations pass smoothly, unless the Tories' polling also improves.

Mr Corbyn's attack on Morgan Stanley comes despite recent suggestions shadow chancellor John McDonnell has been trying to woo big business with a charm offensive in the wake of Labour's better-than-predicted General Election result in June.

Earlier on Thursday, it was revealed Mr Corbyn is the latest cover star of men's magazine GQ, under the headline "Jeremy Corbyn's hostile takeover".

Previous cover stars this year include Liam Gallagher, Alec Baldwin, Cara Delevingne and the Duke of Cambridge.

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