On the PM programme on Radio 4 today, Jo argued that it is in Europe's interest to celebrate the City of London as a global finance centre and that more must be done in Brussels to promote and cherish London's success. 

He warned against any vengeful and retributive measures such as the impostion of a Financial Transaction Tax, which, by the European Commission's own estimates, would cost the EU 1.76 per cent of its GDP.  Jo said that London's success is Europe's success and that it would be insane to let the City, which brings Europe benefits including cheaper credit and greater capital, migrate out of the EU.