If the British Labour Party should take power in the wake of some spectacular Brexit-plosion/Theresa May implosion (or, you know, if they just win the next election as polls, and Goldman Sachs’ actions, indicate they might), London will be a big reason why. Forty-nine of Labour’s 259 members of Parliament represent the capital, which gave it a 20-point margin at the last election. That’s in no small part because London gave an even more resounding vote to remain within the European Union, since it arguably has to most to lose from leaving, notably its financial services industry.
But if you thought General Secretary Corbyn and financial services Commissar John McDonnell plan to reward the City for its loyalty, think again.
Labour is considering relocating most of the Bank of England to Birmingham if it wins power at the next general election, a move that would shake up more than three centuries of association between the Old Lady and the City of London.
Consultants commissioned by John McDonnell, the shadow chancellor, have concluded that the central bank’s base in Threadneedle Street is “unsatisfactory and leads to the regions being underweighted in policy decisions.”