Christopher Fildes

It had to happen. A few years ago I announced the demise of the City of London. The old place in its old form had enjoyed a great run but was on its way out, and would now be relaunched as Hong Kong West. As the flag comes down from Cazenove’s masthead, we can witness power being handed over. By nature independent to the point of idiosyncrasy, Caz now believes that this model no longer works, and is putting the core of its business into a joint venture with the vast American bank currently known as J.P. Morgan. The aspiration must be that JPM Caz will go straight to the top of the deal-makers’ league. With Caz’s connections and Morgan’s muscle, it could be unstoppable.

Relax. You are under no obligation to read the small print. There is a clause in Europe’s constitution about bringing our economic policies — money and tax — into line with our neighbours’, but it must have got past the Prime Minister, because he has flown to Rome and signed us up for it. In any case, we shall be able to vote on it. In eighteen months or so from now, if he is still with us, he will stage his promised referendum. One other promise of this kind remains outstanding. Before the pound can be submerged in Europe’s single currency, we shall have to vote in favour — but he has never called this referendum, because he has never yet felt confident of winning it.

The man who got it right, in his way, was Al Gore. Quoting Al Jolson, he promised the voters: ‘You ain’t seen nothin’ yet.’ This was his message four years ago, when I was in New York, leaning over the rails to watch the two runners in the Great Presidential Stakes as they neared the line — then, as now, neck and neck. In those distant days, money was rolling in to the Treasury, and the candidates were competing to spend it. George Bush I had raised taxes and lost an election, so George Bush II was in favour of cutting them. Al Gore said that the age of prosperity was only just starting. I thought that was asking too much.