Levene: stop bashing City
LLOYD’S of London chairman Lord Levene has launched a fierce defence of the City, after suggestions its size should be curbed following the financial crisis.
Speaking at the Lloyd’s City Dinner, Levene last night accused politicians of “pandering to populist outrage” with “knee-jerk reactions”.
He said political suggestions the so-called “real economy” is “superior and morally better” than financial services may damage a great national asset permanently.
“It is nonsensical for politicians and others to suggest that the UK financial sector is somehow ‘too big’ for the UK economy when much of the business conducted in the City is international business, servicing international clients.”
He said this business has no bearing on the UK economy except that, crucially, “much of the value added remains in this country”.