Debates & Lectures Archive
‘Power to the people? A reflection on the general election in City and Nation’
A Cheapside Debate, coinciding with the Chancellor's Emergency Budget Speech,
on Tuesday 22nd June at 1.05pm
Speakers: Professor Peter Hennessey (Attlee Professor of Contemporary British History, Queen Mary, University of London) and Sir David Clementi (former Deputy Governor of the Bank of England, former Chairman of Prudential plc, Warden of Winchester College)
Professor Peter Hennessy admitted that he is by instict a constitutional reformer. The reforms that are currently underway are the biggest Britain has experienced since 1832. We must be aware that sudden constitutional change can lead to unfortunate consequences; Britain has a tendency to go through substantial change of this kind in a state of anaesthesia. We certainly do need more intervention in government than an election every four or five years, he said. Government itself also needs more people of knowledge: in the House of Lords there are plenty of scientists, but that is not true of the Commons. Everyone involved in the election process needs to raise their collective game - and that includes the electorate.
Sir David Clementi contemplated the new coalition government. He said that those who work in the City should be careful not to venture into party politics. Chairmen should not make political comments as their companies will have to work alongside whichever party is in power. Turning to the matter of budget cuts, much talk has been about their having to be 'fair', though this is insufficient: they must also reward hard work. There is no doubt that bonuses need review; benefits to individuals must match the overall timeframe of delivery and not simply be short-term. The break-up of banks, always a difficult thing, must recognise the importance of good regulatory systems.
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