Corporation of London policy chief Michael Snyder this afternoon came out fighting as the credit crunch dominated MIPIM.

Speaking at an event hosted by the city, Snyder said: 'I believe the turbulence is largely contained.

'On northern rock we have got closure. Recruitment agencies are still very busy, and we only have one year’s available accommodation in the square mile.

'And the long term truth is that we need to cope with an extra 60000 to 70000 people in the city by 2016.’