John Healey returns to a City that has outgrown his mid-2000s rulebook

As Chancellor John Healey returns to the Treasury, he must recognise that the City’s competitive landscape has fundamentally shifted from the exchange-focused concerns of the mid-2000s toward a modern model where investment banks increasingly rely on shared, industrialised infrastructure, says Joe Channer As John Healey arrives at the Treasury – this time, to everyone’s surprise,…