Good Government in the City

Abstract

The City of London is facing the greatest crisis that it has faced in this century. The reason is obvious. The success of the City depends on three factors — experience, expertise and integrity. And its integrity is now in doubt. Of course, that is not to suggest that the malpractices of which we read each day are typical of all, or even most, city firms. The malpractices are, however, both numerous and growing in number. And the City itself- motivated by a misplaced loyalty to those firms which bring it into disrepute — continues to deny the need for a radical solution. Unless a thoroughgoing remedy is applied, the City itself will be the loser. In Tokyo, New York and Frankfurt they must rejoice every time a new scandal is unearthed and every time that the City responds to legitimate concern about its probity with either arrogance or complacency.

Based on Young Fabians Lecture, London, 17 December 1985.