The City of London has been left reeling by the fall of Lehman Brothers and jittery investors are wondering who might be next. The government is far from flavour of the month at the moment, so the firm hand the Square Mile needs may have to come from another source.

Ian Luder stood for a two-part process at a ceremony at Guildhall at the beginning of the week to become the Lord Mayor of the City of London. He was apparently a shoo-in for the job, but in the present climate, is there going to be a City of London left for him to lord over and what is his real influence?

What’s happened

As an officer of the City of London Corporation, the municipal governing body of the City of London, Luder is charged with promoting the interests of the Square Mile as the world’s leading international financial and business centre.

The cheekier or braver commentators out there might say that Luder’s job is nothing more than a symbolic one with no real power.

They might also say he’s just there to head up a procession of floats at the Lord Mayor’s Show before racking up the air miles jetting across the globe to other financial powerhouse locations.

But that’s not to say the Grant Thornton man isn’t more than qualified to give ailing blue chips the benefit of his experience.

What’s going to happen?

With all the talk of companies upping sticks and changing their tax residencies, Luder’s CV includes specialising in the tax affairs of professional partnerships and their partners, professional institutions and charities, as well as internationally mobile executives, and could give businesses the shot in the arm they need.

Keeping the Lehman Brothers saga in mind, Luder is also no stranger to company upheaval. He qualified as a chartered accountant and as a chartered tax adviser with Arthur Andersen before leaving in the upheavals of 2002.

To give him his due, Luder’s role will also include hosting meetings with incoming business and overseas government visitors, for example meetings with finance ministers.

And in a financial world where uncertainty is the watchword, having Luder as Lord Mayor might just make the difference when it comes to keeping and wooing businesses to the UK.