An abundance of caution for a ‘stagnation nation’? Financial services policy development in post-growth Britain

Leyshon, A ORCID: https://orcid.org/0000-0003-0822-1441, 2024. An abundance of caution for a ‘stagnation nation’? Financial services policy development in post-growth Britain. Environment and Planning A: Economy and Space. ISSN 0308-518X

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Abstract

This commentary discusses the relationship between the UK Labour Party and the financial services sector in the context of an approach to economic policy and growth. It highlights the historical scepticism of the Labour Party towards financial services, rooted in ideology and practical experience alongside a recognition of the need to engage with the sector to promote economic growth and investment. The Labour Party’s evolving stance towards financial services is outlined, which has oscillated between support in the 1990s and early 2000s, to a more critical view in the 2010s, with a more recent return to advocacy. The commentary draws attention to a tension in the party’s encouragement of an industry that can provide economic growth at home, while at the same time being wary of developing policies designed to provide necessary growth in other areas, such as in green technologies, but that might incur the disapproval of global financial investors. Labour’s dilemmas are illustrative of the contemporary problems of policy formation in a relatively small but open economy, where options to promote growth and green investment are constrained in the face of the disciplinary power of global financial capital.

Item Type:	Journal article
Publication Title:	Environment and Planning A: Economy and Space
Creators:	Leyshon, A.
Publisher:	SAGE Publications
Date:	15 June 2024
ISSN:	0308-518X
Identifiers:	Number Type 10.1177/0308518x241258872 DOI 1905502 Other
Rights:	© The Author(s) 2024. This article is distributed under the terms of the Creative Commons Attribution 4.0 License (https://creativecommons.org/licenses/by/4.0/) which permits any use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages (https://us.sagepub.com/en-us/nam/open-access-at-sage).
Divisions:	Schools > Nottingham Business School
Record created by:	Jeremy Silvester
Date Added:	21 Jun 2024 08:21
Last Modified:	21 Jun 2024 08:21
URI:	https://irep.ntu.ac.uk/id/eprint/51601

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