The City is bracing itself for a “political reckoning” if Labour wins the 2015 general election, say Jim Pickard and George Parker in the Financial Times. The difficulty Ed Miliband faces is how to pay for “social democracy” in a time of austerity, especially with the budget deficit expected to hit £80bn next year. Labour’s leadership is looking towards the Square Mile with “hungry eyes”. Many of its MPs view the £5.5bn in bonuses “handed out by Barclays, HSBC, Royal Bank of Scotland and Lloyds this year as obscene” and are looking to see how the City can fund [...]
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