Labour's Shift in Stance on Banks
Since Labour took office in July last year, Treasury ministers have met with banks more frequently, as shown by data from The Banker.
Initially, the financial services community, including banks, had concerns about Labour's potential impact on their profit margins due to the party's left-wing stance.
Sir Keir Starmer described himself as a socialist, and Labour's manifesto emphasized protecting consumers and rebuilding public services affected by the "mess made by banks".
However, 16 months into Starmer's term as prime minister, the government has implemented numerous financial reforms to reduce red tape for the industry, indicating a softer approach than initially expected.
Author's summary: Labour's stance on banks has softened since taking office.