"It’s clear to me that the FSA has to be very, very wary of seeing the competitiveness of London as a major aim, and that’s not a popular thing to say .."
He's "right on both counts" according to those damn commies at the FT. That's interesting, coz the FT tend to be in favour of business, they might even know a thing or two about it. But aren't they supposed to favour free markets and that? Apparently not. Very interesting.
I'm in total agreement with the closing remark:
"But the regulator’s role is neither to promote the City nor to shrink it. It is to help make financial activities sound, both at home and abroad. This is in the true interest of the UK. Promoting activities likely to generate hugely expensive global crises is not."