Learning to trust bankers again is the very worst thing we could do | Giles Fraser: Loose canon
This ceremony, now celebrating its 800th anniversary, was a part of the overall settlement of 1215 – the year of Magna Carta – when a deal was struck that the City could be granted the independence of having its own mayoral authority as long as that authority was subservient to the crown. In a constitutional monarchy, that settlement can be reasonably reinterpreted to mean that the City has relative freedom and independence, as long as it acknowledges its subservience to the common good as represented by the monarch. Or, to stretch it a bit more: markets are made for man, not man for markets.
On Wednesday, the Bank of England threw open its doors in an unprecedented gesture of transparency. With not a nosegay in sight, the governor of the Bank, Canadian Mark Carney, broke with centuries of well-guarded privacy and invited us commoners into the heart of the financial establishment, opening his institution to interrogation from those members of the public who had succeeded in getting a ticket through a public ballot. Even George Osborne was carried away by this spirit of openness, giving a speech about how he understood all the public anger at bankers, and then taking questions from the floor.