Sky News business editor Michael Wilson

Tonight’s the night of the annual Mansion House dinner,when the Chancellor traditionally has a City audience ‘to himself’. Inverted commas because by virtue of the media, it’s a public occasion. So what shall we see?

Let’s get the serious sartorial stuff out of the way, first. When Gordon Brown was in number 11, he distinguished himself by not wearing evening dress, but his usual blue suit. This was presumably to protect Gordon’s ‘man of the people’ persona. Quite how someone occupying the second most important seat of power in the kingdom, with countless advisers, overseas trips in first class and all the other paraphernalia of power is a ‘man of the people’, is beyond me, but everyone to their own.

So will Chancellor Darling dress up? According to some of the highest sources in the land, yes he will. You bet he will. In fact, you get the idea that Mr Darling’s first Mansion House dinner will need to be a very accommodating occasion. His audience will comprise many of the banking grandees whose world has turned upside down since last year’s glittering supper.

We are going through the worst banking crisis in living memory, not to mention a run on a bank. Instead of puffing the cigars of profit – outside, naturally – many of the diners will have been working out how to get rid of staff, and how to protect their own pensions.

Back to Mr Darling: His independent Bank of England monetary policy committee is presiding over the worst bout of inflation since the nineties and his Bank of England governor – sitting not that far away tonight, is betting that a slowdown is the only way to engineer a fall in inflation, without raising rates.

The audience are not used to ‘slowdown’ – their recent working patterns have been based on ever increasing profits. Nor have they found the Chancellor’s u-turns on capital gains tax and his treatment on the rules over the taxation of foreign profits, nor the blunting of the City’s competitive edge very reassuring.

Tonight, though, the ladies and gentlemen of the Square Mile will hide their feelings behind the smiles of a grand social occasion – I hope the brandy’s good.

Comments

[Elizabeth Davies Cape Town 19 Jun 2008 14:56:46]

Jeanette Eccles
I think you have the measure of how arrogant Brown and the Brownies can be. They tell you that you must curb your spending, knuckle down and not do an "Oliver" and ask for more.
But Darling lives at the best address in London, free board and lodge, car thrown in and a good salary with expences.
Now be a good lass and put up with it!
That is the attitute of a government way past their "sell by" date don't you agree?

[Jeanette Eccles North West London 19 Jun 2008 09:35:55]

This is a disgrace when soldiers and nurses are working flat out but then "fat cats" are being awarded huge bonus payments for under performing companies - and being photographed at Ascot and attending every socialite scene this is exactly what Brown cultivates.I wrote to Brown twice about the plight of the NHS he ignored me twice, but the same week sent a condolance letter to John Terry because he missed a penalty.This is what we are up against and Darling should be ashamed of that speech it made my blood boil announcing such a message at such an extravagant dinner might as well just stuck two fingers up at us and be finished.

[pete 18 Jun 2008 17:26:32]

It is a total disgrace having such an extravgant doo when most people are having to tighten their belts. Its just another classic example of do as I say not as I do. The whole establishment is corrupt in this country. They are all liars con men and fraudsers. Do not listen to a word they say its all a massive fraud.

[Khalid 18 Jun 2008 16:16:26]

Sir, Lord Mayor, Ladies & Gentlemen.
On the table infront of you today, you see a dressed crab with all the trimmings that you would naturaly want to throw away, however, lend me your ear and I will provide you with what I perceive to be the thousand islands dressing.
The UK notwithstanding its global stance has undergone many a moment to cringe about, a factor I have inherited from you know who, and I will do everything in my power to kick him out of financial decisions knowing full well what a dogs dinner he has made of the books.
As you know, banks have enjoyed the windfall from the unlawfull charges they have imposed upon consumers for a decade at least, and I will not be party to such backhanders and will bring in legislation to limit account operating charges to no more than £3.50 as you know it only takes a click.
Sir, moving onto oil and the slippery slope created thereafter it is unreasonable for us to ask the Saudis to produce more as they enjoy human rights as well, so what we are going to do is enfore oil companies to reduce the price per litre by 0.30p immediatley and unless they do so voluntarily, suppliers will be legislated to supply barrels full of oil at a cost of no more than $75 effective seven days hereafter or OPEC will terminate such supply contracts and deal directly with companies such as British Airways.
As for food for those who have lost a lot of weight since these inhumane charges, the sooner we bring these matters to account, the sooner we can get drivers to deliver food aid. so, [Charlotte Church] whats it gonna be [The Opera Song] or wine from vineyards far afield?
I hope you all enjoy your meal and thank you once again for being part of a kingdom whose treaty has somewhat gotton lost in Lisbon. Three Cheers, Hip Hip........lets munch!!!!!!!

[Michael Cornwall 18 Jun 2008 14:46:34]

Nice to see you are not bowing to privilige and position> I wonder how the bankers really see Darling. I think there was something on Sky about Richard Branson and why he did not get the bank or the lottery. I think if some of these successful people ran the economy we might do better. Branson and the guy from Ryan air ....Good team

[Jeremiah1974 18 Jun 2008 14:27:28]

Do you think that this crisis will finally spur the governments of the world to take back ownership of their currencies?

Having private banks create these booms and busts isn't doing anyone except the banks themselves any good.