London

As is becoming increasingly clear to David Cameron, the problem with answering calls for an inquiry into a scandal in one industry or another is that at some point that Inquiry will report back with a bunch of recommendations which may or may not be politically expedient to implement. The Parliamentary Commission on Banking Standards came up with proposals last week for an electrified ring fence, which the Treasury politely said it would look at, and Vince Cable rather more bluntly said the government should ignore, preferring instead that ministers get a move on with implementing the Vickers proposals, rather than opening up the whole debate again. But the really

The Parliamentary Commission on Banking Standards was conceived in those tumultuous days following the first Libor revelations. At the time, some hoped that its report would lay the blame squarely at the feet of a certain former city minister. But the cross-party committee of peers and MPs has produced a sober report this morning which makes for relatively comfortable reading for those Labour politicians whose regulatory system saw the birth of Libor rigging as it does not name them. It is slightly less comfortable for the Coalition, which now has to consider whether to beef up its existing plans for banking reform. It doesn’t contradict the spirit of the Vickers

The Prime Minister presumably believes we face a critical shortage of airport capacity in London. Why else would he signal a possible U-turn on what was a headline pre-election promise? He knows that one reason west London voters backed the Conservatives in the last general and local elections was his decision to rule out any prospect of building Labour’s 3rd runway at Heathrow. But if that is how he feels, why on earth would he commit to doing absolutely nothing for three years? I am yet to meet anyone who believes an airport review should take anything like so long; indeed the majority of options have been studied to death.

Why not tax the bejesus out of the City and tighten regulation? Yes, the bankers will moan — but it’s not as if they will go abroad. The tax rate may be low in Zug, but do our pinstriped friends want to actually live there? The City’s elite have their kids in British schools, the time zone is right for business and the global phenomenon of Planet London has attractions that outweigh marginal tax rates. So let bankers moan: they’ll stay. This is, more or less, the argument that you hear from MPs on all benches as they take a carving knife to the golden goose that is the City

Here’s David Torrance with the kind of acute observation I wish I’d thought of first. There is, he writes, a comparison to be drawn between Alex Salmond and Boris Johnson: [Salmond’s] approval ratings also remain remarkably high, but then Salmond enjoys a very specific sort of popularity. Asked who best “stands up for Scotland” he wins hands down, but if voters are asked if they agree with his vision for an independent Scotland then it’s two-to-one against. So Scots like Alex Salmond, but they only like him in a particular setting. That context is the halfway house between full government and opposition otherwise known as devolution. As First Minister Salmond

As much as conference planners would wish it otherwise, one of the biggest stories from the Tory conference will be Boris Johnson’s speech and fringe appearance. It would be a surprise if he didn’t take at least one opportunity while in Birmingham to flag up his ongoing campaign against a government U-turn on Heathrow expansion, even if it were an apparently spontaneous answer to a question from a member of the fringe audience. As I reported last week, he has been looking for a Conservative MP to lead that campaign, and the Standard’s Peter Dominiczak then revealed that the Mayor has also approached MPs from other parties. Today the Mayor

After Boris’s re-election as London mayor, his departing aide Guto Harri complained that the dry but effective campaign had rather taken the ‘bubbles out of the champagne’. Well, the Olympics is certainly putting them back in. Boris keeps taking opportunities that no other politician would dare to—the zip wire ride today being the latest, and most dramatic, example. The question is where does all this end, is it all just Olympics hi-jinks that will be forgotten when the flame leaves Stratford or is it just the next stage of the Boris for PM campaign? In my column in the magazine tomorrow, I say that it does seem to be more

When City AM editor Allister Heath was leaving the BBC’s Westminster studios on Friday, the last thing he would have expected was to be ‘arrested’. Out popped an overexcited viewer of the Daily Politics who I hear accosted Heath declaring: ‘I’ve got a warrant for your arrest’. The white envelope was quickly discarded. but a frothing anti-city rant ensued. A BBC snout tells me that Heath returned upstairs and was later smuggled out of the building while a quick-thinking BBC staff member distracted the lunatic. The irony of it all being that Heath had just spent the last hour slamming the banks and generally turning on the City, but this