Mayor Boris Johnson joined a chorus of disapproval over Noyer’s comments. “This is a desperate French attack in an effort to make something out of the Eurozone crisis,” the Mayor said. “It’s nothing more than a naked attempt to steel London’s financial crown.”
Chris Cummings, head of TheCityUK, said that political jostling is unwelcome. “This is a time for calm heads,” he told City A.M. “We are about to start negotiations on a banking union – the ramifications of which will be felt for generations.”
City of London Corporation policy chairman, Mark Boleat, said the City’s services benefit Europe as a whole. “Protectionist measures will ultimately damage the perception of Europe as a place to do business,” Boleat said. Noyer had described the City’s euro business as “offshore”.