Forty years after Big Bang, the City cannot write its own rules for growth

Mick McAteer | 21st April 2026 | Comment

Mick McAteer argues that the City has long had unjust and disproportionate influence over government policy (Photo by Dan Kitwood/Getty Images)

Greater deregulation for the financial sector in the City is not the way forward, writes Mick McAteer.

The City of London is seen as a ‘crown jewel’ of the UK economy, central to the Government’s plans to promote economic growth and competitiveness. At the Financial Inclusion and Markets Centre (FIMC) we fully support the need for a successful finance sector that works for the real economy, environment, and society. But, we question the central role given to finance and how growth is being pursued. The current deregulation agenda and creating pro-growth conditions for the City risks reversing the progress made in making the financial system more resilient post 2008 and cleaning up finance after the litany of scandals that left a legacy of mistrust. Policymakers risk forgetting the lessons from history, that: the UK is still exposed to the ‘too much finance’ curse; and allowing finance to become too dominant is counterproductive to creating sustainable, equitable growth shared across the UK regions. The job from making finance work is far from done yet the operational i...

Subscribe to The Mace

Join the member community shaping British politics and stay ahead of what's really happening in the world of politics and public affairs, with expert analysis, breaking news, and insider insights from Westminster and Brussels. The Mace is the leading news source and resource for the government affairs industry, offering required reading and lobby intelligence for professionals.

To see what you are missing out on by not subscribing to The Mace, click here to download our full membership info-pack. This includes having no paywall on op-ed content or profiles/interviews, allowing professional profiles to be read with maximum impact and visibility by government, special advisers, MPs, peers, civil servants, and policy and political decision-makers.

The Conservatives are finished if they don’t fight the culture war

Ferdie Rous | October 19, 2020

The Conservatives need to pick a side in the culture war, otherwise they’ll lose it, says Ferdie Rous

The Democrats pick pragmatism over idealism in 2020

Nicholas Wapshott | October 17, 2020

As a report reveals that Joe Biden will benefit from his son‘s deal with China's largest energy company, Nicholas Wapshott explains why he still has the best chance

Why Merkel does it better

John Kampfner | October 15, 2020

As Boris goes from one blunder to the next, the German chancellor has kept the virus under control, says John Kampfner

Hail to the Chief Junk Foodie

Emily Hill | October 14, 2020

Catering for the top man in the White House? You can give René Redzepi the night off– Mr Trump’s tastes are as basic as his politics

In the Shadows: How Campaigners Shift the Debate

Damian Collins MP | October 14, 2020

Damian Collins MP explains how digital campaigns alter our perceptions of the news

Brighton Revisited: A Lesson for the PM?

William Cash | October 12, 2020

William Cash asks whether the PM can learn from how Thatcher handled the IRA bombing of exactly 36 years ago

The Jackdaw

Marie Le Conte | October 5, 2020

Parliament may be up and running but what’s the point of Westminster if all those endless drinks receptions are still forbidden? All work and no play is no

Diary: The Hack is Back

Peter Cardwell | October 3, 2020

Peter Cardwell is enjoying his retirement from SpAd life

Erskine: Bernard Jenkin MP

Mace | October 1, 2020

Attempts to modernise the civil service, one of the great institutions of state, will put unnecessary strain on the UK constitution

The Diary of a Data Miner

Adam Solomons | March 8, 2020

Mindfuck, by Christopher Wylie, reviewed by Adam Solomons