The City knows which way the wind is blowing and is concerned. Stuart Fraser, chair of the policy and resources committee at the City of London Corporation, warned last night at an FT fringe event:

“I understand the pressures the politicians will be under but as we go forward governments and regulators should resist the temptation to pile on excessive red tape for the sake of it. Act in haste and repent at leisure is a good watchword for all regulators.”

Not sure how this will go down with the Labour left.

Boris Johnson, meanwhile, has also courted controversy in today’s Telegraph with this article about the virtues of the City. His argument is valid, given his role at the head of the city with the biggest financial centre in Europe. Unfortunately for the mop-topped one, however, it plays into the hands of Labour. Don’t expect such explicit support from David Cameron or George Osborne.  

September 23, 2008 4:49pm in Alistair Darling, Conservatives, Credit Crunch, David Cameron, Gordon Brown, Recession, Treasury, UK economy, UK politics | Comment