The Tories let the City run out of control. Now Labour plans to repeat their mistakes | Mick McAteer

Deregulation and financialisation cause environmental, economic and social harms - but the party aims to give finance even more power

The City is a jewel in the crown" of the UK economy for the Conservative government, which aims to keep the sector growing by seriously weakening regulatory standards. This approach will come as no shock given the City's current form has its roots in Margaret Thatcher's big bang, but what is surprising is that the Labour party too is pushing for further deregulation.

In nearly 30 years campaigning on finance, I cannot recall both major political parties promoting the interests of finance so aggressively. Yes, the UK needs a successful financial sector, but deregulation and financialisation - a process whereby financial markets and institutions gain greater influence over policy and economic outcomes - is dangerous and costly for the rest of us.

Mick McAteer is co-director of the Financial Inclusion Centre and a former board member of the Financial Conduct Authority and Financial Services Authority. He writes in a personal capacity