Early in my career at Financial News, in 2008, I reported on a deal offered by George Osborne to the City of London. As I pack my bags for a new posting with Financial News in New York, it is worth reflecting on the proposal he offered the City.

Speaking on June 10, 2008 at Mansion House, the then-Shadow Chancellor promised a government that would provide the regulatory system with clear leadership. It would not stifle competition, and would be measured in its approach to changing the regulatory framework.