Darling’s budget was bad. Osborne’s complicity was worse
12 December 2009
Allister Heath reviews the week in politics
Even if the bigger banks don’t quit, hedge funds, insurance companies and other smaller players will; and new firms and people won’t move here. And we can forget about the G20 acting as a cartel to guarantee no hiding place for the bankers: the Labour-Tory consensus on hitting the City is putting London at a huge disadvantage. The Swiss papers are full of stories of refugees from London coming to stay. Americans and other bankers are starting to refuse to move to London. Without their money, the poorest in Britain will have to pay more to plug Labour’s gargantuan deficit.
Britain has only one hope for recovery. That is to nurture investment, improve education, encourage entrepreneurs and robustly defend its status as a reformed, calmer but still pre-eminent global financial sector. As setbacks go, the Pre-Budget Report was hard to beat.
Allister Heath is editor of City A.M.
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