Luke Johnson writes in this weekend's press that it's time to stop the banker bashing and move on.... but if only the bad news bears would cease appearing! He explains that from his perspective, the contribution to the UK economy by the banking sector is considerable - generating a trade surplus of £60billion, accounting for 8% of economic output and 12% of tax receipts for the Exchequer. In the UK, the sector employs more than 1 million people or nearly 4% of the working population. Financial services accounts for one-third of FDI in Great Britain, more than any other sector. London is the forth biggest financial sector globally. Johnson is concerned that continued excessive regulation, levies, uncertainty on ring-fencing may cost the wider UK economy.
At the same time, Johnson calls for further support of challenger banks (like Metro Bank) and presumably fintech endeavours. He also calls on banks to meet higher standards of conduct and be the trustworthy cornerstones of the economy the were intended to be in a growing economy. In certain ways, Johnson's position echos that of Mark Boleats' about the need for a reformed but strong financial industry in London. Boleat's speech from this summer can be found at the City of London website here: http://news.cityoflondon.gov.uk/the-importance-of-foreign-banks-to-the-city-of-london
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