Dear Sir,

I was surprised to see a suggestion that the Lord Mayor of London’s role is ‘largely ceremonial’ (“The Lord Mayor Lauds the City of London”, WSJ Europe edition, 01.12.14). Ninety-five per cent of my time is spent promoting London and the City, especially as an international financial centre – in close, constant liaison with senior ministers, regulators and business leaders around the world. I emphasise that around five per cent of the role is ceremonial – upholding the ancient traditions of the City of London.

Although I act as a cheerleader speaking for the City, I also speak to City firms. My message to them has always been clear: “Yes - mistakes have been made. It’s what we do to resolve those issues. Discipline, not only to maintain transparent open markets, and rebuild trust – but to be seen to be doing something about it. That is how we the City are judged. We also have a great product to sell in our pre-eminent financial and professional services firms and we offer this expertise to the world.”

Alan Yarrow, Lord Mayor of the City of London

Mansion House, EC4