City must work to restore public faith

The Lord Mayor of London is to call for a "new contract" between the City of London and the public. Nick Anstee plans to "challenge the City" with a debate on trust and ethics at a City of London conference today.

Mr Anstee has been a vocal critic of recent political efforts to crack down on the City, such as the previous Chancellor's one-off tax on bankers' bonuses. He has warned that such moves "damage" London's standing as a financial centre.

However, today he will say that the City must also work to restore faith in it. He will say: "All of us in the City need to reflect on four questions: 'How much have we acted in the public interest? How much are we doing so now? How much more can we do so? And how do we convince the public that we are doing so?'

"There needs to be a contract between the City and the public, recognising the benefits from financial services on the one hand, but also recognising the City's obligations."