One concern should be the competition between jurisdictions to attract financial business. Competition for example over tax.
Which brings me to Mr Osborne's recent budget. Banks are not the only firms in the finance sector.
Financial services are about much more than banking. In places like Edinburgh and London, we have a world beating asset management industry. But they are losing business to other places in Europe.
There are around £700bn-worth of UK domiciled funds, compared with about €2tn registered in Luxembourg and €1tn registered in Dublin.I had thought that the government's policy was to re-balance the economy away from finance and towards other sectors, such as manufacturing. Now it seems tax cuts and regulatory reform are being used to boost the finance sector.