Levene hits out at compensation culture
Lord Levene, chairman of Lloyd's, outlined the dark clouds on the horizon — and called for action now to combat the growing compensation culture — in a speech today at the City Forum lunch. Mr Levene said: "Politicians in Whitehall and in Brussels need to wake up to the problem. And they need to wake up now. Ignoring it and hoping it will go away is not an option. If they need any proof, they need just look across the Atlantic."
The full copy of his speech follows:"In April this year, the Lloyd’s market reported record profits of over £800m. We enjoyed the best pricing conditions for years. There was little in the way of
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