MercoPress. South Atlantic News Agency

Lord Mayor of London in Buenos Aires

Michael Savory, the Lord Mayor of the City of London, chose “London as a Financial Partner in a Fast-Changing World” as the title of his speech to yesterday's Argentine-British Chamber of Commerce luncheon.

He paid full tribute to the survival abilities of Argentine businessmen in coping with the roller-coaster of the last five years but still urged a healthy respect for the long term ? project planning in the modern world demanded horizons of 20-30 years, he said, so that looking beyond a few months must become "politically possible" here.

Savory started his speech by extending his tribute to the solidity of the British Chamber here in providing continuity to Britain's historic business contribution ? then as now Britain was a source of working capital ? but he soon switched to the changes in Britain.

Having entered a very similar stock broking world to that of his grandfather in 1961, he experienced the full force of the "Big Bang" of 1986. This transformed the City of London from the place where British industrial blue chips were quoted to becoming a truly global centre where 300 languages are spoken.

Today's City commands 45 percent of the world's equity trading, 70 percent of euro trading and 43 percent of the derivatives market while being the world's undisputed forex centre, he proclaimed in defiance of those who prize dynamism over size.

One of Savory's pet causes is PPP (public-private partnership) ? already worth some 44 billion dollars of business in Britain ? which he sees as intelligent outsourcing as much as the more traditional notions of a mixed economy. To express it in terms any Argentine could understand, he said that it takes two to tango between the private and public sectors.

The questions centred around the terrorist threats to the City, which Scotland Yard has described as only a matter of time since the July 7 attacks. Savory pointed out that the recent terrorist alerts have also led to new levels of contingency planning for more routine hazards such as power cuts and trains running late ? it has also made the City far more rigorous against money-laundering as a direct physical threat to its business.

London's 677th Lord Mayor was introduced by Chamber President Brian Henderson, who, speaking in the dawn of the 21st century, made an extremely erudite foray into the 14th century, describing the office's origins under a youthful Edward III in 1328 and portraying the highly original negotiating tactics of Lord Mayor Sir William Walworth with Peasants' Revolt leader Wat Tyler in 1381 ? stabbing him to death with a short sword. Henderson also reminded the audience of the last mayoral visit here by David Howard in 2001 ? on 9/11 of all days.

Michael Soltys - Buenos Aires Herald

Note:

The Lord Mayor of London is one of Britain's most important diplomats.

The Lord Mayor (which is different from the ?Mayor?), is responsible for the famous ?City of London?, a small area in the centre of the UK?s capital where the financial and commercial district is located. London has had a Lord Mayor since 1189 and today the position includes travelling the world in order to promote London as the world?s financial hub.