Don’t feel sorry for the City

Here are four connected facts. First, on Monday, Standard Life – one of Britain’s most respected investment institutions – cut the value of its payouts to 2.3 million pension savers by 15 per cent. Second, some 30,000 people have lost their jobs in the City of London this winter – including Alex, the cartoon archetype invented by Charles Peattie and Russell Taylor, who was given the heave-ho by ‘Megabank’ a couple of weeks ago.