Boris Johnson today issued an impassioned defence of the maligned City bankers held responsible for the current financial crisis.

The London Mayor accused the Labour Party of launching a vindictive attack against financiers and traders who had contributed to the UK’s economic boom. He suggested that increased regulation or a restriction on City bonuses may force financial talent out of London.

“I say to the Labour government – you will not make this country or its capital more competitive by driving away talent. You cannot regulate your way out of a recession. You can certainly regulate your way into one,” he said.

“No matter how much you may dislike the Masters of the Universe, my friends, there are plenty of other parts of the universe that would welcome them.”

Mr Johnson ventured into financial policy after a triumphant victory rally celebrating his election as mayor was hastily cancelled in favour of a more sombre opening day to the Conservative Party conference in Birmingham.

The London Mayor had been pencilled in to star at an event marking a year of Tory electoral successes but that was replaced with an emergency debate on the economy.

It may not have been a rally but Mr Johnson’s speech was still the most popular event at the convention centre today. Long queues of Conservative Party members were left outside the hall unable to witness the address at first hand.

After apparent concerns from the Conservative high command that Mr Johnson may not manage to maintain the desired image of calm and serious preparation for government, he assured his leader: “I know that this is no time for triumphalism, Dave.

“And I know how far we are from being guaranteed a Tory victory in 2010 or whenever Gordon Brown or his successor calls an election, but I hope you will allow me to remind you in a strictly non-triumphalist way of some of the things we have done in City Hall since May 1.”

Mr Johnson, who beat Ken Livingstone to become Mayor of London five months ago, said he was proud to have banned alcohol on public transport, given war veterans free travel and increase police stop and search routines.

He claimed that by the time London hosted the 2012 Olympics there would be a new fleet of Routemaster buses, a city-wide bicycle hire scheme and air-conditioning on 40 per cent of underground trains.

The Mayor pledged that these programmes would be implemented without any increase in the Olympic budget or radical increases in tax for Londoners.

“I am pleased to announce that for the first time since the GLA was created, for the first time since London has had a mayor. I will not be coming back to the people and asking them for more money in tax. There will be no increase in our share of the council tax next year,” he said.

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