George Osborne lays down the law to the City while trying not to destroy it
IN 2006, at the height of his pomp as chancellor, Gordon Brown used his annual Mansion House speech to the City’s great and good to extol the virtues of London’s financial district. With its whizz kids and light-touch regulation it was proof, said Mr Brown, that “Britain can succeed in an open global economy”.
On June 16th George Osborne, the new Tory chancellor, reminded the same gathering that many Britons now see the City as a liability that deserves to be heavily taxed. Mr Osborne obliged with a new levy on banks’ borrowings, the gory details of which may be unveiled in his first budget on June 22nd.
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