Barclays is heading back to the wild west

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It looks as if Barclays wants to head back to the days of the wild west in the City of London when the economy was explicitly run for its benefit. The FT has reported that:

George Osborne and Mark Carney should team up with senior figures in finance to promote the City of London and avert the damage done by tax and regulatory reforms, the chairman of Barclays Bank has urged.

The City is at a “tipping point”, with the current burden of tax and regulation at risk of deterring inward investment and damaging London’s role as the world’s leading financial centre, John McFarlane will warn in his inaugural speech as chairman of the CityUK lobby group on Wednesday.

To avert irreparable damage, it was time for policymakers to stop undermining the financial services industry and start promoting it, the veteran banker told the Financial Times.

The NHS is collapsing, as are the police and other vital public services.

Three million households are to lose 10 per cent of their income.

Housing is unaffordable for the vast majority of Barclays' employees.

The trade deficit is at extraordinary levels.

And Barclays wants the main issue to be the City's plight since it has been asked to play a role in society.

You really could not make the crassness of that up.

And nor could you have better indication that it thinks itself in a world apart.