The Chancellor of the Exchequer has called on bankers to tell the world that the City of London is the number one place to do business, in a wide-ranging speech in which he revealed Northern Rock is now officially up for sale and the credit guarantee scheme is open for early redemption.

In his annual speech at the Lord Mayor's Banquet for Bankers and Merchants of the City of London at Mansion House, Chancellor George Osborne focused on the banking sectors' part in rebuilding the UK economy, while fleshing out a number of policy positions.