Regulators are rarely accused of being too candid. But Adair Turner’s observation that the financial sector is too large has seen the chairman of Britain’s Financial Services Authority swamped by a wave of protest.
It’s tough being a Tory Mayor of London. Boris Johnson’s Conservative instinct is for less government spending, fewer subsidies and (hopefully) lower taxes. Unfortunately, political reality obliges him to complain at the latest round of cuts at the London Development Agency, his local arm of one of the Labour government’s biggest and most expensive quangos.