Was Brexit Retribution for the Financial Crisis?
Did the Government Let the Banks Get Away with It?
There's Another Financial Crisis On the Way
Banks Are Still Enabling Money Laundering
The Tories Don't Want to Do Anything About It
The only mention of any regulation in the Conservatives' manifesto is the dissolution of the Serious Fraud Office – a move which could lead to "significant damage" to the UK's effectiveness in tackling economic crime, according to a leading group of financial lawyers. Mind you, that's not how the Tories put it:"Labour will overhaul the regulation of our financial system, putting in place a firm ring-fence between investment and retail banking that will protect consumers. We will take a new approach to the publicly-owned RBS, and launch a consultation on breaking up the bank to create new local public banks that are better matched to their customers' needs. And we will extend existing Stamp Duty Reserve Tax to cover a wider range of assets, ensuring that the public gets a fairer share of financial system profits."
Since the Tories are in government, we can get some idea of what they might do based on what they're doing already. Earlier this month, the government sold off the Green Investment Bank to Macquarie, an Australian bank. The bank was founded in the wake of the financial crisis, and its aim is to invest in green infrastructure projects. The sale suggests the government won't consider nationalising the banks anytime soon."We will strengthen Britain's response to white collar crime by incorporating the Serious Fraud Office into the National Crime Agency, improving intelligence sharing and bolstering the investigation of serious fraud, money laundering and financial crime."
What this lack of policy shows us is that campaigners need to push politicians once again in taking measures to rein in the financial sector. "There has been no serious discussion about money laundering in the election. The Labour Party has failed to weaponise this issue," says Judah. "Offshore could be a crusade for the left in the way the EU was a crusade for the right."