Monday, May 17, 2010


One in ten new MPs has background in international banking

Steve Watson
Tuesday, May 11th, 2010

No matter which parties eventually form a coalition to govern in the UK following last week's general election, one thing is for certain - the House of Commons will be infested with bankers.

A report by the PR group The Madano Partnership, highlighted today in the London Telegraph outlines the fact that the number of MPs with a financial services background has increased two fold over the past thirteen years.

One in 10 new MPs have come from a career in investment banking, fund management, or other areas associated with the financial sector, according to the report.

The roll call of MPs includes three former directors of Barclays Bank, a former managing director of JP Morgan, and a former mergers and acquisitions banker at Goldman Sachs.

Former investment bankers and economists at Deutsche Bank, Barings, Warburg, and the previously bailed out Lloyds TSB also hold seats.

Conservative MP Jacob Rees Mogg also previously held management positions at Rothschild and Lloyd George Management in London.

With the impending push to radically reform the banking industry, these are the heavy hitters likely to be in the driving seat when it comes to forming economic policy and tabling financial legislation.

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