Cameron prepared to give the banks the shirt off his back to the banks

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Portrait of an unbuttoned Prime Minister: 

It looks as though Cameron is prepared to give the banks the shirt off his back as he launches defence of finance industry

Daily Mail,

12 November, 2012

 

 Lost in thought, David Cameron was the picture of concentration after he gave a stirring warning to those who attacked British banks at a banquet.

Perhaps he was contemplating his choice of words.

Or, perhaps, he was trying to work out how to discreetly button up his shirt - which was open from the throat to the navel.

Where IS that draught coming from? British Prime Minister David Cameron listens to the speeches, unaware that his shirt is undone

Button up! The Prime Minister realises he needs to make a discreet adjustment to his shirt

Many will have experienced that dreaded feeling that a crucial button or zip is undone - but it is unlikely most will have had to deal with such a sartorial error before giving a speech in a dinner suit.

Wardrobe blunders aside, the Prime Minister managed to button himself up after launching into a defensive speech emphasising just how fundamentally important British banks are to the country's economic recovery.

David Cameron last night issued his strongest defence of the finance industry since the economic crisis, claiming those who 'trash the banks would end up trashing Britain'.

The Prime Minister used his annual speech at the Lord Mayor's Banquet to issue a warning that Britain is in a battle to survive as a major economy

The Prime Minister used his annual speech at the Lord Mayor's Banquet – traditionally used to discuss foreign policy – to instead deliver a warning that Britain is in a battle to survive as a major economy in the wake of the financial crisis.

He defended both the banks and defence companies, insisting the Government would stand up for sectors vital to the country's economic future.

He told an audience at London's Mansion House that Britain was facing a 'moment of reckoning' and would either 'sink or swim' as newer economies expand.

In what will be interpreted as a message to Liberal Democrat Business Secretary Vince Cable, who has led criticism of the banking sector, he urged everyone to 'get behind' a properly regulated financial sector.

'Pursuing a modern industrial strategy doesn't mean being anti-finance,' the Prime Minister insisted.

'Tell me this: Which sector of our economy contributed an eighth of all government revenue even during recession? 

'Which sector provides 50million personal bank accounts, 11million mortgages and hundreds of billions of pounds of loans to small businesses? And which sector underpins jobs for two million people, with more than two-thirds outside London? Of course, it's our financial services.

'Yes, some utterly terrible mistakes were made and they need to be addressed properly so they can never happen again. But those who think the answer is just to trash the banks would end up trashing Britain.

Speaking at the Lord Mayor's Banquet, Mr Cameron insisted the Government was taking 'tough action' to clean up the banks, with new civil and criminal penalties for those who break the law

The Prime Minister hailed the Government's programme to 'clear up' Labour's 'regulatory mess', as a success during his speech at the Guildhall

David Cameron told the audience at London's Mansion House that Britain was facing a 'moment of reckoning' and would either 'sink or swim' as newer economies expand

'I say, recognise the enormous strength and potential of our financial sector; regulate it properly and get behind it.'

Mr Cameron insisted the Government was taking 'tough action' to clean up the banks, with new civil and criminal penalties for those who break the law and 'the most transparent rules on pay and bonuses of any major financial centre in the world'.

He hailed the Government's programme to 'clear up' Labour's 'regulatory mess',  including ring-fencing retail banking to protect it from the risks of investment banking.

The Prime Minister was also unrepentant over his efforts to promote British arms sales around the world, most recently on a trip last week to the Middle East.

'We must support all sectors of the economy where we have a comparative advantage, and that includes defence,' Mr Cameron said.

'Every country in the world has a right to self-defence. And you cannot expect every country to be self-sufficient in providing the tanks, ships and planes needed.

Mr Cameron was unrepentant over his efforts to promote British arms sales around the world, most recently on a trip last week to the Middle East

The Prime Minister signs the Distinguished Visitors Book watched by the newly appointed Lord Mayor of London Roger Gifford

'So when Britain has a very strong defence industry, with 300,000 jobs depending on it, it's right that we should be at forefront of this market, supporting British jobs and British allies, and that's why last week, in the Gulf, I was pushing for new contracts for Typhoon jets worth billions of pounds and thousands of jobs.

'That's vital new business for Britain. And I make no apology for going out there and trying to help win it.'

Speaking to guests at the banquet, which also featured a speech by the Archbishop of Canterbury, Mr Cameron urged everyone to 'get behind' a properly regulated financial sector

David Cameron, the Lord Mayor of London Roger Gifford (left) and his wife Dr Clare Taylor (right) processes into the Guildhall in London where he made a speech at the Lord Mayor's Banquet tonight

Mr Cameron announced the appointment of eight new envoys to promote trade for UK businesses in developing markets. 

They include Charles Hendry (Azerbaijan, Kazakhstan and Turkmenistan), Lord Puttnam (Vietnam, Laos and Cambodia), Baroness Bonham-Carter (Mexico), Lord Risby (Algeria) and Baroness Scotland (South Africa).

'Britain is in a global race,' said Mr Cameron.

'It is a moment of reckoning for every country. How does Britain compete and win in a world where all around us new countries are on the rise? Helping to sell Britain abroad is a vital part of the answer.'