The financial sector is wary of the shadow chancellor’s far left stance

The City has attacked Labour’s call for a “new start” in relations, saying that its previous stance made it hard to believe that the party had changed.

John McDonnell, the shadow chancellor, has called on banks and other financial institutions to work with Labour, marking the latest step in his “cup of tea offensive” to convince the money markets that he would not wreck the economy. Despite soothing words, many are unconvinced.

“All his previous utterances over the years have been so antagonistic towards the financial sector and the City that it would take a tremendous transformation to believe that he is now thinking quite differently,” Lord Levene of Portsoken, a former chairman of Lloyd’s of London, said.

“There are obviously Labour MPs who