London Metal Exchange dealers get booze ban

The London Metal Exchange, where Brexit party leader Nigel Farage used to work, is banning dealers from drinking during work hours.

Thirsty traders will now have to wait until business ceases at 5pm for a pint — or risk censure.

That follows similar moves by Lloyd’s of London and is part of the drive by the LME, founded in 1877 but with origins going back to 1571, to modernise its image.

LME’s 120-odd traders have long had a reputation for drink-fuelled lunches. Farage’s favourite pub when he was at the LME in the 1980s was The Lamb in Leadenhall Market.

Last year it was criticised for its overly male culture after holding an event at the Playboy Club in Mayfair. It appointed Gay Huey Evans as its first female chairman last month.

The exchange said: “The LME has formalised the general position that Ring-based personnel should not consume any alcohol prior to conducting business.”

Around 120 dealers operate at the LME. The traders don’t work directly for the LME but for one of the Ring Dealing Members who hold exclusive rights to deal. The LME was to Hong Kong Exchanges and Clearing for £1.4 billion in 2012. Prior to that it was owned by members.