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UK's May accused by opposition of seeking 'bankers' Brexit'

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The opposition Labour Party will push for the UK to have full access to the European single market and fight a "Bankers' Brexit", said the party's chief voice for economic policy, John McDonnell.

[LONDON] The opposition Labour Party will push for the UK to have full access to the European single market and fight  a "Bankers' Brexit", said the party's chief voice for economic policy, John McDonnell.

Mr McDonnell, who shadows the position of Chancellor of the Exchequer, accuses Prime Minister Theresa May's Conservative government of favouring financial industries over the needs of manufacturers and small businesses in how it's thinking about Brexit, according to prepared remarks released by his office ahead of a speech in London on Thursday.

The Tories "want to turn Britain into a Singapore of the North Atlantic," Mr McDonnell will say, adding that Labour would instead work with the European Union to protect industries like steel, and broker deals to ensure companies like "Google pay their fair share in tax".

He also will highlight the risk of inequality from Mrs May's policy of favouring "an elite few, not the majority".

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Since her attack on global elites in an Oct 5 speech at the Conservative Party Conference, Mrs May and her leading ministers have sought to send a more reassuring message to banks that the financial industry won't be sacrificed.

BLOOMBERG

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