It was pretty clear yesterday that the government still doesn’t quite know what position to take on Standard Chartered, which has been accused by a New York regulator of breaching sanctions on Iran. Even the usually vocal Vince Cable has been completely silent on the issue; while the Treasury merely emitted a neutral statement saying “these are allegations at this stage”.
Not so Boris Johnson. The London mayor has come out with a trenchant defence of the bank, saying to the FT:
“We must be very careful that the proper desire to root out wrongdoing does not become an excuse for protectionism and a self-interested attack on London’s status as the world’s pre-eminent financial centre.”