Boris Johnson urges against ‘vilifying bankers’

15:52 19 November 2012

Boris Johnson has given the green light for billionaires to sue in London : File picture: PA Wire

Boris Johnson has given the green light for billionaires to sue in London : File picture: PA Wire

PA Archive/Press Association Images

Boris Johnson today reiterated his calls for a third runway to be ruled out at Heathrow Airport.

The London Mayor also found time in a speech to the CBI conference to make an appeal for billionaires’ wives to sue for divorce in the capital.

He insisted the capital was the perfect place for “injured spouses” to take their wealthy other halves “to the cleaners”.

Mr Johnson also dismissed as absurd proposals for a tax raid on owners of expensive homes, warning that high rates of personal taxation would make Britain less competitive.

He urged politicians to be positive about businesses and stop using “austerity rhetoric”.

He insisted vilifying bankers was counterproductive - but also called on bankers to show more “moral leadership”.

“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 added: “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.

“And symmetrically we need more moral leadership from the leading bankers of today.

It is not good enough for them to lick their wounds behind the stuccoed walls of their Notting Hill schlosses or to seclude themselves on the grouse moor and pretend that they have no reason to engage with society when the banking crisis had such a huge impact on many less fortunate than them.”

Amid speculation that David Cameron is preparing to do a U-turn on Heathrow expansion, the mayor said supporters of a third runway were delusional.

He said the political fallout and legal challenges would be so great it would not be any quicker than his preferred option of a new ‘Boris Island’ airport in Kent.

Mr Johnson also could not resist a dig at the coalition’s flagship police reforms as he took to the stage.

“I am delighted that this graveyard slot has generated a decent turn out,” he told the audience of business leaders in central London. “Bigger than the entire voting population 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.

Latest Stories

25 minutes ago
A lifeboat crew from Tower station rushed to save the boy's life [Image from RNLI]

A teenage boy was saved from drowning on Sunday as a YouTube dare went horribly wrong.

Read more
The potentially lethal pills were sold as impotence, slimming and anti-smoking aids [Photograph by Met Police]

A 62-year-old man from Hackney and a 34-year-old man from Barnet have been arrested on suspicion of money laundering as police try to smash a gang that sells deadly pills across the world.

Read more
Messages being spread on social media about a terror threat on the Tube are a hoax, say police (Photo by Oli Scarff/Getty Images)

Messages claiming a ‘terror threat’ was about to hit London Underground and urging people not to get the Tube this morning are a hoax, say police.

Read more

TOP Stories

25 minutes ago
A lifeboat crew from Tower station rushed to save the boy's life [Image from RNLI]

A teenage boy was saved from drowning on Sunday as a YouTube dare went horribly wrong.

The potentially lethal pills were sold as impotence, slimming and anti-smoking aids [Photograph by Met Police]

A 62-year-old man from Hackney and a 34-year-old man from Barnet have been arrested on suspicion of money laundering as police try to smash a gang that sells deadly pills across the world.

Messages being spread on social media about a terror threat on the Tube are a hoax, say police (Photo by Oli Scarff/Getty Images)

Messages claiming a ‘terror threat’ was about to hit London Underground and urging people not to get the Tube this morning are a hoax, say police.

Promotions

Advanced running and training technology for beginners up to elite athletes

If you’re thinking of adding running treadmill to your fitness routine, you’re on the right track! There are several advantages to running on a treadmill versus running outdoors.

Renault-Zoe

The Renault ZOE follows on from the introduction of the electric Fluence ZE and Twizy, but unlike the former, the ZOE was designed from the ground up as an electric vehicle.

When no simple way to find Real Ale was at hand, 4 Ale enthusiasts got together to allow anyone with a smart phone to find Real Ale no matter where they happened to be, this was the birth of the Perfect Pint app.

London Bloggers

Tuesday, August 26, 2014
Don't waste any of your harvest

If you are now inundated with ripe tomatoes, juicy green beans, berries and herbs, don’t leave them to go stringy or mouldy because the freezer can go a long way to making your crops last well into winter.

Friday, August 22, 2014
It turns out painting is the perfect thing to do in bars

I’m somewhat of a casual, lazy and very much amateur painter and after a busy day at work, the prospect of getting all my brushes, acrylics, water and other faff out is far from appealing.

Wednesday, August 13, 2014
Will the relaxtion of the rules on phone use open the floodgates to selfie madness at The National Gallery (Picture via Getty)

Will the National Gallery become selfie central after it removes the ban on photography to avoid confusion over visitors using the new Wi-Fi?

Quizzes

Amy Winehouse's second album became a classic

Are you an Amy Winehouse superfan?

Read more
I'm only going to say this once: Stand. On. The. Right.

James Bond is Britain’s most famous secret agent, and the capital is its most famous city, so it makes sense that 007 would live and work here when he isn’t gallivanting around the world.

Read more
Can you find the animals hiding in London station names? (Photo by Peter Macdiarmid/Getty Images)

You may not realise it but there are animals hiding in stations across London? Play our quiz and see if you can you find them:

Read more