Shadow Chancellor Rachel Reeves tells Chris Burn about a political career in Opposition, how Labour can win, and watching the financial crisis unfold first-hand in Yorkshire.
As the second anniversary of Labour’s worst General Election defeat since 1935 arrives this weekend, Shadow Chancellor Rachel Reeves is reflecting on a political career that to date has been spent entirely in Opposition. Having left the world of finance behind to become a politician, Ms Reeves was just 31 when she became the Leeds West MP in the 2010 General Election – a moment of personal celebration but coinciding with the start of an extended exile from government for the Labour Party.
“At the time they were trying to change the market so people weren’t switching every two or five years but had long-term mortgages. To be honest, it was not something we succeeded in doing in part because of quarterly reporting and quarterly profits. “To make big changes in markets you need longer. I do think the way our corporate governance works and the way profit reporting works sometimes discourages businesses from long-term investment decisions and changes in the business model.
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