Chancellor of the Exchequer George Osborne faces a major challenge in his inaugural speech at Mansion House this evening – his first big speech to the City of London’s banking sector. Many are wondering what the content of this speech might be – he’s sure to trail some of his ideas ahead of next week’s Budget. Some think he’ll begin an ‘inoculation’ on his proposed Bank Levy which will begin a flow of money back from the banks, rather than the seemingly endless stream of taxpayers’ cash flowing the other way.
The banks, of course are prepared for this, and will caution that, in these recessionary times of rising unemployment, this Levy will not be “free money”. It may well cost jobs in the banking sector.
I hope someone reminds these cynics that if they hadn’t allowed so much to be given by so many to so few, our economy might not be in such a parlous and fragile state in the first place.