City middlemen don’t like Osborne precisely because he is competent

The City’s elopement with New Labour has ended violently. A poll of leading financiers, conducted by City AM, reveals that 73 percent think that a Tory majority would be best for the economy; a mere 10 percent support Labour. But the City has little enthusiasm for George Osborne: 23 percent believe he has the mettle to be Chancellor, 13 percent behind Ken Clarke.

So where is it going wrong for Osborne? James Kirkup observes that the Tories recent collapse in the polls coincided with Osborne and Cameron obscuring their economic message. But the City’s antipathy to Osborne is long established. Disquiet reigned even when Osborne and the Tories were storming the polls. On the eve of the last Tory conference, Fraser reported that:

‘Despite numerous charm offensives, Mr Osborne is still not winning them over. Financiers who attend his soirees grumble that it is all politics and no economics.