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Boris sticks up for financial services

London Mayor Boris Johnson has called for lighter regulation on financial businesses in the City.

Speaking at the Conservative party conference in Manchester today, Johnson vowed to fight European rulings that he says will stifle business in the capital.

He said: “Last week, the Prime Minister’s weird apostatise seemed to attack the free market ideology he spent ten years slavishly adoring. I don’t agree that the financial services industry is morally bankrupt.”

Johnson said he would fight higher marginal rates of taxation put on financial firms so as to keep the City competitive with the other global financial centres. Admitting it was unpopular to stand up for “pariah” bankers, he argued that they bring too much money into the country not to be protected.

He said: “I think it does matter that the City of London should remain competitive – the City produces 9 per cent of UK GDP and 13 per cent of value added tax. That’s taxes that pay for schools, roads and hospitals across this country.”

The London Mayor said he would fight any “ill-thought out” regulatory changes in Brussels.

He said: “Sensible taxes, light regulation and reasonable employment law will mean businesses are able to pay the taxes for the things we need to do.”


Commercial activity

Back in March, I mentioned that I was starting to detect signs of optimism among commercial property fund managers after a torrid couple of years. Don Jordison and Chris Morrogh at Threadneedle had done better than most during the downturn because they had kept a lot of the fund in cash.


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  1. Boris sticks up for financial services
    Boris shouldn’t overlook the fact that zero regulation of the banks is the prime cause of the mess in which the UK economy currently finds itself. What we need is properly proportionate regulation, perniciously denied for so long to the IFA sector. A referendum on Europe wouldn’t go amiss either so we can all finally wave two fingers to Brussels and get on with running our own country and our own economy according to our own laws for the benefit of our own citizens.

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