B

Baroness Bennett of Manor Castle (GP)

Speaking in the House of Lords on 23 July 2025

Debate

Financial Services Reform

Contribution

My Lords, my question follows on from those of the noble Lords, Lord Davies of Brixton and Lord Sikka, both of whom spoke about financialisation. Earlier this year, the head of UNCTAD—UN Trade and Development —Dr Anastasia Nesvetailova wrote a piece on a path out of the “finance curse”. It offered suggestions to global South countries—developing countries—using the UK as a case study of what to be aware of from the finance curse. She wrote that “financialisation had progressed against the backdrop of deepening asymmetries—sectoral and regional—in incomes, wealth, employment and even access to public services”. I think we would all have to agree with that. She went on to say that “the system … appeared to serve the interests of global asset owners rather than those of the people of the United Kingdom”. How are the Government going to ensure, if indeed their changes have the effect that they desire, that the benefits are going to trickle down to people outside the financial sector? How else is the rest of the economy going to benefit?

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