Boris: Stop neo-socialist whingeing about City bankers and house prices

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The Mayor said that banking was one of the few global industries in which the capital "truly excelled" and suggested that people should stop "whingeing" about house prices boosted by City bonuses.

He wrote in the Daily Telegraph: "There are some strong feelings out there: Schadenfreude at the bankers who have been punished, indignation at those who have not.

"Which is why it is time to enter a note of defence of the banks, the City and the general practice of lending money for profit."

Mr Johnson - who earns more than £100,000 in his position as Mayor and £250,000 for his newspaper column - has opened himself up to accusations of being out of touch with normal Londoners struggling to cope with mortgage payments, and the rising cost of living in the capital.

But he warned the City should not be "shackled" by regulations suggested by the Government to curb similar future excesses.

He conceded his remarks would be "unpopular" and that the banks had on occasion been "hideously greedy". But he added: "Before you attack the bankers of London, remember that this is one of the few global industries in which we truly excel; the City contributes about nine per cent of Britain's GDP.

"And before you go whingeing to me about house prices boosted by City bonuses, whatever the disasters of the sub-prime sector, these products allowed millions of Americans to own their own homes," he continued.

"Of course there are spivs and speculators out there but before we get carried away with neosocialist claptrap, we should remember the huge benefits brought to this country by bankers and the City of London."