Practically every politician of every persuasion may have it in for the banks, but not our Boris. The heavy-weights of London’s financial services industry have been schmoozing the London Mayor to assist them in their fight against EU regulation of the industry.

Particularly in the lobbyists’ sights is the EU’s AIFM Directive which intends to tighten up regulation on hedge funds and private equity, both of whose antics are seen to have contributed to the financial crisis.

Simon Walker the CEO of the BVCA – or British Venture Capital Association – that represents 95 per cent of all UK-based venture capital firms, has been working to butter up Boris nicely to help them make their case.

Just after Boris’ election, Walker wrote to “congratulate you on your election” and wished Boris “all the very best endeavours over the next four years. As a canvasser, cyclist and a Balliol man, I was particularly delighted by your victory! Please let me know if we can ever help with something”.

In October last year, Walker wrote to Boris again, saying he “greatly enjoyed your epic oration” at a speech to the Policy Exchange. “It’s good that someone is defending the citadels of capitalism” he said. Walker was inviting Boris to speak at the BVCA’s 25 Anniversary party. “We’d be delighted if you were able to look in for a few minutes ahead of dinner, so you could be in bed with a mug of Horlicks at 11”.

In December last year Walker wrote again to say how “thrilled” he was that Boris was scrapping the western extension of the congestion charge, in a letter inviting him to a private equity conference. He wrote: “My delight that Mary [Walker’s wife] will now visit her friends in Notting Hill during the week nearly outweighs the budgetary impact of her shopping moving from Hammersmith back to Kensington High Street and Chelsea”. He ended by saying “This is not mere flattery ...”

Although Boris’ diary commitments prevented him from speaking at either conference, he did wade into the debate on EU regulation last month. On July 7th, Boris met Walker along with Paul Marshall of the Alternative Investment Management Association (AIMA) which represents the hedge fund industry. 

Minutes of the meeting – released under FOI legislation – show that on the agenda was “What can /should the Mayor do to negate the impact” of the EU Directive and whether it should be “modified or abandoned altogether”.

Thirty-six hours after the meeting, Boris huffed and puffed on the Today programme. In typical-Boris speak he backed the British banking industry: “I don't say this in any particular spirit of perverse wanting to stick up for bankers, but it is very important that we defend an industry that generates huge sums of tax for this country.”

But what about the huge losses Boris? You forget to mention those.