Gordon's meeting

If uncle Gordon was expecting undying gratitude from the City folk he was meeting yesterday, he will have been disappointed. He announced a cut in 25 per cent of business regulations, plus a few other blandishments. And their response? To set up an independent group to ensure that the tax burden is not increased; in other words, to keep an eye on Gordon.

This time around, he will have to take notice. David Cameron has also been wooing the City, and Gordon is getting desperate.