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The balance of social forces in the UK ensured that it developed the financialised corporate culture par excellence. By unleashing the power of the City of London , and crushing everything that stood in its way, Thatcher helped to build a highly exploitative, extractive and unequal economic model in the UK: one which endures to this day. The Big Bang Once upon a time in the City of London , there lived a noble and chivalrous group of knights in a great big castle called the Stock Exchange.
But in many ways, its close relationship to the City was one of the defining characteristics of New Labour, which consistently deregulated the finance sector. Financiers have always been, and would continue to be, natural supporters of the Conservative Party.
But Blair and Brown made significant inroads with the sector during their tenure. The consequences of this offensive were, as later noted by the FSA, a total failure to properly regulate financial institutions, which ultimately contributed to the financial crisis.
You can intimidate everybody. As for the Big Bang , it consisted of a series of rule changes which boiled down to one simple thing: the biggest act of deregulation the financial sector had ever seen. I grew up abroad and can vividly remember what a pain in the backside things such as currency restrictions were. The City of London was a club, and a particularly unlovable club at that, exclusively white and male and not just conservative but actively reactionary as a social force.
