The ranks of the City are now divided. The advanced section, headed by Mr McKenna and Mr Keynes, face the orthodox and reactionary ranks which are led by Mr Montagu Norman and the heads of the Treasury. To the uninitiated it... seems a little unfortunate that the ex-Labour chancellor should appear... to be an ardent supporter of Mr Montagu Norman. It will be little less than a disaster if in this struggle Labour support is accorded to the reactionary elements in the City.

Socialist Review (September 1927), quoted in Robert Skidelsky, Oswald Mosley (Papermacs, 1981), p. 152.