London Should Love Its Bankers

Do the British have a death wish? You’d be forgiven for thinking so the way so many of them seem to want to cripple the most dynamic part of their own economy. What is the world’s largest market for dollars? London. Where does the Chinese State Administration of Foreign Exchange go when it wants to buy or sell billions of US Treasury bonds? London. Which sector of the economy delivers £12 out of every £100 in tax to the Chancellor of the Exchequer? London’s financial centre. Its accumulated skills, its light touch regulation, its openness to competition – these have made London the envy of the world, the magnet for all the smartest financiers: they have turned London into the most exciting city to live in on the planet. Of course there have been scandals – what do you expect in the world’s most competitive market place? Yet instead of lauding London’s banks for their achievement in outclassing all their rivals, we seem interested only in penalising them and letting New York or Frankfurt steal the show....

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