When the Financial Times opened for business in 1888, London was the world’s pre-eminent financial centre. Much has changed in the past century and a quarter but the City remains an indispensable actor on the global financial stage. In a speech on Thursday, Mark Carney made clear that he wants to keep it that way.
Before 2007, such an observation would hardly have seemed worth making – especially from a governor of the Bank of England. But the crisis has soured sentiment towards financial services. Amid post-crash recriminations, the City’s importance as a national asset has sometimes been too easily overlooked.
Mr Carney’s speech, at an event in London to celebrate the 125th anniversary of this newspaper, marks both a change of tone and an important statement of intent.