The 12 days of Christmas for the City of London

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Who is going to get the best Christmas presents of all this year? According to the FT it's already been the City, who have had:

1) The unexpected Conservative party election win.

2) Peace and goodwill from 11 Downing Street including calling time on the era of heavy fines.

3) Cutting the banking levy.

4) Defenestration of a tough regulator. Martin Wheatley, famous for pledging when he took over at the main City regulator to “shoot first and ask questions later” was ousted.

5) Easing of rules for City senior managers: A last-minute U-turn .

6) No plans to extend the Bribery Act.

7) One of its own appointed as City minister: Harriett Baldwin MP. Before becoming an MP, she was a managing director at JPMorgan in London.

8) The government's funding-for-lending scheme was extended by two years .

9) Ringfence not quite so high. The memory of 2008 is fading.

10) Regulators approve veteran Wall Street investment banker as Barclays' chief executive.

11) Bank of England draws a line under banker-bashing.

12) The EU will launch a review of financial regulation, announced by Lord Hill, a British Conservative.

You couldn't make it up.


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