Tonight, the Chancellor George Osborne delivers the Mansion House address in the City of London.
There’s plenty of informed speculation in the papers today about what the Chancellor will say. Apparently, George Osborne will back the proposals of Sir John Vickers’ Independent Commission on Banking. That means imposing some kind of ring fences between big banks’ retail and investment operations, as well as potentially boosting capital requirements.
To set the scene for the speech, Portland’s George Pascoe-Watson spoke to Ian Stewart, Chief Economist at Deloitte United Kingdom, about the significance of tonight’s event. As well as being a former Government special adviser, Ian was once David Cameron’s boss at the Conservative Research Department.
Ian Stewart joined Deloitte in March 2007 as Chief Economist in Deloitte Research where he advises clients on macroeconomics and financial markets developments. Ian devised and runs Deloitte’s quarterly survey of Chief Financial Officers, writes the Monday Briefing which goes to over 10,000 clients and Deloitte people weekly comments on the economic scene in the media.
Before joining Deloitte Ian spent 12 years as Chief Economist for Europe at the US investment bank, Merrill Lynch in London. He previously worked as Special Adviser to the Secretary of State for Social Security, the Rt Hon Tony Newton, as Head of Economics in the Conservative Party’s Research Department and as an economist with the Confederation of British Industry in London.
Ian was educated at the London School of Economics, Birkbeck College and Queen Mary College.