The days of the traditional Square Mile liquid lunch might be numbered.
Lloyd’s of London, the insurance market, has slapped a ban on its employees drinking alcohol during the working day, according to the Financial Times-a move which the group says will bring Lloyd’s in-line with the rest of the City and is not a response to alcohol-related problems.
According to the paper, the ban will affect Lloyd’s staff only, and not the insurance brokers and underwriters who work in the market.
The paper reports that many have expressed frustration about the move, especially as much of the business done by Lloyd’s relies on face-to-face contact and relationships that are often forged in pubs or bars around Leadenhall Market, where Lloyd’s is based, not far from the Bank of England.
Lloyd’s, however, is not the first to prohibit day-time drinking.
The Financial Times reports that insurer Hiscox already has a policy in place that forbids it. Others have advised their staff against it.
The ban comes at a time of great uncertainty for the City of London.
The chief executive of Lloyd’s of London last month confirmed that the insurer would be setting up a subsidiary outside of London as a result of Brexit, and has said that the location would “hopefully” be announced by the end of March.