How quickly times change. I was in China three years ago when all the talk was of how Chinese companies were ruling out US listings because of the increased red tape there, most vividly represented by the Sarbanes Oxley Act. Hong Kong, of course, was a favoured destination with London the market of intent for the most ambitious.

Alarmed, New York and Washington undertook root and branch reviews of the US's attractiveness, reviews that were somewhat overtaken by the crunch.

Fast forward to today and fears are rising that it is London that risks finishing last in a four-horse race with New York, Hong Kong and, the new favourite, Dubai.

It's prompted Mayor Boris to call in the consultants. McKinsey is tasked with studying the competitiveness of London's financial services industry.

Tax will be on the agenda, as will regulation. More than anything though, the committee should focus on certainty and the need for more of it.

It may be good to listen but it's better to talk. The yo-yoing on policy needs to stop.