London

After Boris’s re-election as London mayor, his departing aide Guto Harri complained that the dry but effective campaign had rather taken the ‘bubbles out of the champagne'. Well, the Olympics is certainly putting them back in. Boris keeps taking opportunities that no other politician would dare to—the zip wire ride today being the latest, and most dramatic, example. The question is where does all this end, is it all just Olympics hi-jinks that will be forgotten when the flame leaves Stratford or is it just the next stage of the Boris for PM campaign? In my column in the magazine tomorrow, I say that it does seem to be more the latter than the former. Certainly, the attitude of Tory MPs to the thought of Boris as PM seems to be changing.

When City AM editor Allister Heath was leaving the BBC’s Westminster studios on Friday, the last thing he would have expected was to be 'arrested'. Out popped an overexcited viewer of the Daily Politics who I hear accosted Heath declaring: 'I've got a warrant for your arrest'. The white envelope was quickly discarded. but a frothing anti-city rant ensued. A BBC snout tells me that Heath returned upstairs and was later smuggled out of the building while a quick-thinking BBC staff member distracted the lunatic. The irony of it all being that Heath had just spent the last hour slamming the banks and generally turning on the City, but this one was beyond reason.

What’s the best way to deal with a full onslaught against your industry? A damn good party of course. ‘Despite the dismal financial outlook, Square Mile magazine held their annual Summer Party on Friday 13th for 1,000 City bankers,’ proclaims one of the most gloriously offensive press releases that Mr Steerpike has seen in long time. There were apparently ‘no signs of the dismal economy’ as bankers ‘quaffed free Iceberg Vodka and Louis Roederer champagne and were entertained by fire-breathing strippers and snake charmers’.

The Libor scandal is yet another blow to the reputation of the City of London. Alistair Darling may have been right when he told George Osborne that we’re ‘kidding ourselves if we think this was the only country where this happened.’ But there’s no getting away from the fact that an uncomfortably large number of financial scandals start in London.     In the Commons, Osborne seemed keen to move towards a more American-style system of regulation with more prosecuting powers for the FSA and new criminal offences. But he was also keen to make a political point, this happened under the last government and a regulatory system set up by Gordon Brown and Ed Ball.

Before David Cameron’s trip to Berlin later today, George Osborne appeared on the Today Programme to emphasise that in the event of a Eurozone banking union, Britain would require safeguards.   Given the importance of finance to this country, Cameron and Osborne can’t accept anything that creates a two-tier single market for financial services. The Tory leadership is also acutely aware that it was this issue that led to Cameron vetoing a proposed treaty last year. It would be politically dangerous for Cameron to do anything that could be characterised as undermining his own veto.   One option being floated by some Tory Eurosceptics is a British veto on financial services.

The 2012 London mayoral election may barely have finished, but already there’s speculation as to who might run — and win — in 2016. The current favourite is Boris — despite suggestions that he’ll be back in Parliament with his sights set on the Tory leadership by then. And the second favourite? It was David Lammy, the Labour MP for Tottenham who was tipped as a potential 2012 candidate and has hinted that he might be interested next time. But today he’s been overtaken — in the eyes of bookies Paddy Power at least — by another Johnson who’s hosted Have I Got News for You: Labour’s Alan Johnson. This has been prompted by an interview with the former Home Secretary in the House magazine.

We haven't done enough to prevent the riots of last summer happening again, says Simon Marcus in this week’s cover feature. And in the latest episode of our The View From 22 podcast he expands on this, discussing his personal experiences with the Boxing Academy in Tottenham and Hackney: ‘What enabled us to engage in strong debate during the whole process was what I saw on the front line at the Boxing Academy for many years. But what I was being asked, in many ways, to accept was wrong. When you're being told that your eyes and ears have deceived you for five years, that's something I can't accept.’ James Forsyth also discusses why an EU referendum is becoming more likely — thanks to a combination of UKIP, Boris Johnson and public opinion.

While David Cameron has good cause to be glad of Sarkozy’s defeat, he has even better cause to be nervous about this trend of lefty nerds being elected. Much of the Cameroon’s re-election hopes are pinned on the idea that their boss will trounce the geeky Ed Miliband. Nowadays, the argument goes, these ex-special advisers who have no charisma and alarming leftist policies just don’t win modern elections. But, as Ben Brogan argued in the Telegraph last week, the French may well be about to prove that even dullards can get elected — if the incumbent fails to deliver the change he promised. At least Hollande says he’ll balance the books by 2015, which is more than Osborne is planning to do.

It looks like Conservatism will tonight be affirmed in the greatest city in the world — but thanks to Boris Johnson, who has been able to sell it to Londoners far better than David Cameron managed in the general election campaign. The number to watch out for tonight is the Boris factor, the gulf between those voting for him as Mayor and those voting Conservative for the Greater London Authority.  As I say in my Telegraph column today, the clown prince is getting something badly right.   Until recently, we had been told that there are two choices for Conservatism: the ‘modernising’ faction of it, or the old voter-repelling model which lost the last three elections.

So, after all that, it looks like today’s London Mayoral will be just a little bit of history repeating. YouGov’s final poll predicts that Boris will defeat Ken in the second round by 53 to 47 — exactly the same result we saw four years ago. The third place finisher will probably be the same too: the poll has Brian Paddick getting 7 per cent in the first round, ahead of Siobhan Benita and UKIP’s Lawrence Webb on 4 and Green Jenny Jones on 3. If Boris does overcome Labour’s partisan advantage in London, it won’t be mainly down to his achievements in office. In fact, voters are split 39-38 between Ken and Boris on who’s achieved more as Mayor (although Ken did, of course, have four more years than Boris has so far).