Boris Johnson: 'We need to stop vilifying City bankers'

 

Boris Johnson yesterday called for people to stop vilifying bankers, arguing that doing so would not help to repair the economy.

The Mayor insisted "vilifying" bankers was counterproductive – but also called on the industry to show more "moral leadership".

The call came in a speech to the CBI conference, in which he also delivered a series of jibes at Coalition policies.

"We have moved from the age of excess under Labour into an age of austerity – but if this country is to grow we need urgently to move on to a new age of enterprise," he said. "And for enterprise to flourish, we must be responsive to what is happening in the rest of the world.

"We can't solve the banking crisis by imposing more regulations than our rivals in other European jurisdictions. We shouldn't be gold-plating the rules on capital adequacy out of some sense of guilt for having got it wrong last time, if that means we make London less attractive as a place to establish or expand your business."

Mr Johnson went on: "Not only have we got to stop vilifying bankers, we need to make the moral case for banking for financing ventures at risk, for the free-market allocation of capital as the most efficient means of enriching the greatest number of people. Because the human race has tried Communism and it wasn't a howling success."

Mr Johnson also made an extraordinary appeal for billionaires' wives to sue for divorce in London.

The Mayor said the capital was the perfect place for "injured spouses" to take their wealthy other halves "to the cleaners".

He also mocked turnout in the recent police and crime commissioner elections.

Hailing the capital as the "chief glory of the UK economy", Mr Johnson said it dominated the world in the areas of law, property, insurance and accountancy. "I would never encourage anyone to sue, but if one oligarch feels defamed by another oligarch, it is London's lawyers who apply the necessary balm to the ego," he said.

"I have no shame in saying to the injured spouses of the world's billionaires if you want to take him to the cleaners... take him to the cleaners in London. Because London cleaners will be grateful for your business."

Amid speculation that David Cameron is preparing to do a U-turn on Heathrow expansion, the London Mayor Boris Johnson said supporters of a third runway at the airport were "delusional".

News
The current recommendation from Britain's Chief Medical Officer, is that people refrain from drinking on at least two days a week
food + drinkTheory is that hangovers are caused by methanol poisoning
Life and Style
techConcept would see planes coated in layer of micro-sensors and able to sense wear and tear
News
Patrick Stewart in the classiest ice bucket to date
people
Sport
Premier League Live Saturday 23 August
sportAll the action from today's Premier League matches
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
Life and Style
techCould new invention save millions in healthcare bills?
Sport
David Moyes gets soaked
sport Moyes becomes latest manager to take part in the ALS challenge
Voices
A meteor streaks across the sky during the Perseid Meteor Shower at a wind farm near Bogdanci, south of Skopje, Macedonia, in the early hours of 13 August
voicesHagel and Dempsey were pure Hollywood. They only needed Tom Cruise, says Robert Fisk
Life and Style
Horst P Horst mid-fashion shoot in New York, 1949
fashionFar-reaching retrospective to celebrate Horst P Horst's six decades of creativity
News
Members and supporters of the lesbian, gay, bisexual, transgender (LGBT) community walk with a rainbow flag during a rally in July
i100
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

JavaScript Developer (C++ / C# / HTML, Java Angular.js) London

£50000 - £60000 per annum: Harrington Starr: A world leading business intellig...

Application Support Analyst-(UNIX, Linux, Financial Services)

£40000 - £60000 per annum: Harrington Starr: Application Support Analyst-(UNIX...

Application Support Analyst - SQL, UNIX, Linux

£30000 - £50000 per annum: Harrington Starr: Application Support Analyst - SQL...

Application Support - FIX protocol, UNIX, SQL, Windows, OMS

£40000 - £60000 per annum: Harrington Starr: Application Support - FIX protoco...

Day In a Page

All this talk of an ‘apocalyptic’ threat is simply childish

Robert Fisk: All this talk of an ‘apocalyptic’ threat is simply childish

Chuck Hagel and Martin Dempsey were pure Hollywood. They only needed Tom Cruise
Mafia Dons: is the Camorra in control of the Granite City?

Mafia Dons: is the Camorra in control of the Granite City?

So claims an EU report which points to the Italian Mob’s alleged grip on everything from public works to property
Emmys look set to overhaul the Oscars as Hollywood’s prize draw

Emmys look set to overhaul the Oscars as Hollywood’s prize draw

Once the poor relation, the awards show now has the top stars and boasts the best drama
What happens to African migrants once they land in Italy during the summer?

What happens to migrants once they land in Italy?

Memphis Barker follows their trail through southern Europe
French connection: After 1,300 years, there’s a bridge to Mont Saint-Michel

French connection: After 1,300 years, there’s a bridge to Mont Saint-Michel

The ugly causeway is being dismantled, an elegant connection erected in its place. So everyone’s happy, right?
Frank Mugisha: Uganda's most outspoken gay rights activist on changing people's attitudes, coming out, and the threat of being attacked

Frank Mugisha: 'Coming out was a gradual process '

Uganda's most outspoken gay rights activist on changing people's attitudes, coming out, and the threat of being attacked
Radio 1 to hire 'YouTube-famous' vloggers to broadcast online

Radio 1’s new top ten

The ‘vloggers’ signed up to find twentysomething audience
David Abraham: Big ideas for the small screen

David Abraham: Big ideas for the small screen

A blistering attack on US influence on British television has lifted the savvy head of Channel 4 out of the shadows
Florence Knight's perfect picnic: Make the most of summer's last Bank Holiday weekend

Florence Knight's perfect picnic

Polpetto's head chef shares her favourite recipes from Iced Earl Grey tea to baked peaches, mascarpone & brown sugar meringues...
Horst P Horst: The fashion photography genius who inspired Madonna comes to the V&A

Horst P Horst comes to the V&A

The London's museum has delved into its archives to stage a far-reaching retrospective celebrating the photographer's six decades of creativity
Mark Hix recipes: Try our chef's summery soups for a real seasonal refresher

Mark Hix's summery soups

Soup isn’t just about comforting broths and steaming hot bowls...
Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'

Tim Sherwood column

I would have taken the Crystal Palace job if I’d been offered it soon after my interview... but the whole process dragged on so I had to pull out
Eden Hazard: Young, gifted... not yet perfect

Eden Hazard: Young, gifted... not yet perfect

Eden Hazard admits he is still below the level of Ronaldo and Messi but, after a breakthrough season, is ready to thrill Chelsea’s fans
Tim Howard: I’m an old dog. I don’t get too excited

Tim Howard: I’m an old dog. I don’t get too excited

The Everton and US goalkeeper was such a star at the World Cup that the President phoned to congratulate him... not that he knows what the fuss is all about
Match of the Day at 50: Show reminds us that even the most revered BBC institution may have a finite lifespan – thanks to the opposition

Tom Peck on Match of the Day at 50

The show reminds us that even the most revered BBC institution may have a finite lifespan – thanks to the opposition