Only Mark Carney and the Bank of England come out of the boardroom brawl at the London Stock Exchange with credit. The Bank has been keeping a close eye on the LSE ever since the disastrous merger with Deutsche Boerse was unveiled a year ago. Anything which threatened stability at the LSE and posed a systemic risk had to be on the Old Lady’s radar.
Public interventions by the governor of the Bank of England into the affairs of City firms are extraordinarily rare. So it is a symbol of how embarrassing the governance row at the top of the London Stock Exchange has become that Mark Carney felt it incumbent to say something. We should not be surprised.
When it comes to the real world of business, the Government’s new Industrial Strategy has more holes than a colander.
The principal criticism is the lack of financial heft. The same Government that is prepared to invest ￡56 billion on HS2, ￡40bn on extricating Britain from the EU and up to ￡32 billion on Crossrail 2 is proposing to spend a relative pittance on making Britain the most innovative economy in the world.