Levene: stop bashing City

LLOYD&rsquo;S of London chairman Lord Levene has launched a fierce defence of the City, after suggestions its size should be curbed following the financial crisis.<br /><br />Speaking at the Lloyd&rsquo;s City Dinner, Levene last night accused politicians of &ldquo;pandering to populist outrage&rdquo; with &ldquo;knee-jerk reactions&rdquo;.<br /><br />He said political suggestions the so-called &ldquo;real economy&rdquo; is &ldquo;superior and morally better&rdquo; than financial services may damage a great national asset permanently.<br /><br />&ldquo;It is nonsensical for politicians and others to suggest that the UK financial sector is somehow &lsquo;too big&rsquo; for the UK economy when much of the business conducted in the City is international business, servicing international clients.&rdquo;<br /><br />He said this business has no bearing on the UK economy except that, crucially, &ldquo;much of the value added remains in this country&rdquo;.<br />