I am not sure what to make of the current election and the rising fortunes of the Liberal Democrats. In large part this is because I fell asleep through the big TV debate last week and can’t comment on who ‘won’. However, I now note the increasing concerns of the financial services sector that we may have a hung parliament which, they suggest, will lead to indecision and a failure to address the public sector deficit. This in turn will lead to terrible consequences for the financial services sector. Democracy, it seems, is bad for business.
But then the financial services sector does like to play by its own rules. We bail them out because they are too big to fail. Don’t tax them because they will go offshore or elsewhere. Now this. Perhaps we should conclude that the city and democracy are incompatible?