Jeremy Corbyn ’wants to turn London into a Communist city like Pyongyang’ by shrinking the finance sector

JEREMY CORBYN was today accused of trying to turn London into a Communist city similar to North Korea by cracking down on Britain's banks.

The Labour boss "declared war on British business" with a vow to shrink the size of the City which provides billions to the UK economy, the Tories said.

In a speech to business leaders, Mr Corbyn said he would make finance the "servant of industry" instead of being "masters of all".

Speaking at the EEF conference in London, he added: "There can be no rebalancing of our distorted, sluggish and unequal economy without taking on the power of finance.

"For 40 years, deregulated finance has progressively become more powerful. Its dominance over industry, obvious and destructive – its control of politics, pernicious and undemocratic.

"The size and power of finance created a generation of politicians who thought the City of London could power the whole economy.

"Out-of-control financial wizardry and gambling were left barely regulated, while the real economies in once-strong industrial areas were put into managed decline

"For a generation, instead of finance serving industry, politicians have served finance.

"No more. The next Labour government will be the first in 40 years to stand up for the real economy. We will take decisive action to make finance the servant of industry, not the masters of all."

He also pledged to block foreign companies from buying British firms if the takeover would "destroy our industrial base".

Veteran finance expert David Buik told the Evening Standard Mr Corbyn's plan would "turn London into the last Soviet-era capital west of Pyongyang".

He added: "To go crashing into the City of London at a time of Brexit, which is proving a very difficult process, is close to insanity."

Treasury minister Robert Jenrick said Mr Corbyn had "declared war on British business".

The Tory said: "A Labour government that hates enterprise would mean fewer jobs, higher taxes and less money for public services."

The Labour boss has previously boasted that big banks should be scared by the prospect of him reaching Number 10.'wants%20to%20turn%20London%20into%20a%20Communist%20city%20like%20Pyongyang'%20by%20shrinking%20the%20finance%20sector” target=”_blank” title=”Click to share on Twitter

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