Sir David Walker, the former banker who has proposed a radical set of reforms for the country's financial sector, has said the City of London should have no fear of his ideas: "Some people may suggest this will drive people away, well I say 'phooey'. High standards do not drive good people away."

The former Morgan Stanley International chairman, now advising the UK Government, has anticipated most of the likely criticisms of his ideas, and appreciates they are likely to ruffle feathers in some quarters, from the CBI to the shareholder bodies to bank boards themselves.