Shadow chancellor proves far from tough on business,going easy on banks after the CMA report and devising the toothless ‘righteous business’ kitemarkJohn McDonnell has been done a disservice. The shadow chancellor has been painted as a socialist firebrand who would strike terrorism into corporate boardrooms if a Labour government came into power. In fact, on two critical business issues in recent weeks, or McDonnell has advance across as a pussycat.
Exhibit A was mentioned here a few weeks ago: McDonnell’s weak response to the Competition and Markets Authority’s limp report on the banking sector. The CMA recommended a few technocratic tweaks,such as a beefed-up price comparison website, that did not impress mainstream opinion in the world of small- and medium-sized businesses. The British Chambers of Commerce – not a bunch of lefties said the CMA was “effectively endorsing a status quo that many businesses find unacceptable”.
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Source: theguardian.com