Time over for banker remorse? Labour must beware relying on the City for economic growth | Richard Partington

“There was a period of remorse and apology for banks and I think that period needs to be over.” So said Bob Diamond, the eight-figure-earning Barclays chief executive more than a decade ago.

“We need our banks willing to take risks, to be confident and to work with the private sector in the UK to create jobs and improve economic growth.”

Back in 2011, with the wounds still fresh from the worst financial collapse in a century, there were howls of outrage and anger in UK political circles over the American’s choice of words.

Time though, is clearly a healer. Had Diamond waited 14 years, presumably the response in Westminster today would be a nod of agreement.

Kier Starmer’s government has embraced the City, seeing the Square Mile as a ticket to faster economic growth. It is not…