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City workers at one of London’s most historic financial institutions have reacted with fury after being told not to drink alcohol during the day.

Lloyd’s of London has introduced a 9am-to-5pm booze ban which could see employees sacked for gross misconduct if caught breaking the new rule.

An internal memo to employees, leaked to the Standard, reveals the ban was introduced after an analysis of grievance and disciplinary cases over the last two years found “roughly half” were related to alcohol misuse.

But workers at the insurance market - whose history dates back to 1688 - say they were not consulted, that they can drink “responsibly” during work hours and have hit out at the “heavy handed” measure, flooding an internal intranet site with angry comments.

The comments, seen by the Standard, claim the ban turns the insurance market into “the PC capital of the world” and blast bosses for not concentrating on “more important things”.

One worker asked: “Will we be asked to go to bed earlier soon?”, while another questions whether employees face being breathalysed at work to enforce the crackdown.

The ban is among changes made to the Employee Guide, part of an overall HR policy review conducted throughout last year.

It means Lloyd’s of London employees are prohibited from drinking between the hours of 9am and 5pm from Monday to Friday.

It will apply to the Corporation’s 800 employees, but not brokers or underwriters from other firms based at the insurance market in Lime Street.

Among the comments on the internal intranet, one worker posted: “Did I just wake up from my drunken drug induced slumber to find we are now living in Orwell’s 1984?

“Lloyd’s used to be a fun place to work. Now it is the PC capital of the world where you can’t even go out for a lunchtime pint anymore?”

Another said: “The real irony is that this policy comes eight weeks after the Christmas Party, when staff were plied with copious amounts of alcohol all evening with very little food to be found... were these the actions of a responsible employer?”

Another posted: “Was there really a need for this? The vast majority of my colleagues know how to drink responsibly during work hours, and would never let their lunch hour socialising affect their work or decision making.”

Another post reads: “This is too heavy handed...I think most people are sensible and only have a drink occasionally when celebrating success or a birthday etc. Will we be asked to go to bed earlier soon?”

Others pointed out that bar One Under Lime, which bills itself as “one of the Square Mile’s most popular drinking and dining venues”, is nestled beneath the Lloyd’s building just metres from their desks.

One said: “To avoid temptation, One Under Lime should be asked to cease serving alcohol at lunchtime, it would be hypocritical not to.”

The insurance market began life as Lloyd’s Coffee House, opened by Edward Lloyd around 1688, where sailors, merchants and ship owners would gather for reliable shipping news.

It later became the place where seafarers could insure their vessels and has since evolved into one of the world’s leading markets for specialist insurance.

Commentators today said the ban marked a wider culture change among City workers.

David Buik, a market commentator at Panmure Gordon investment bank, said there is more competition between workers as banks and financial firms look to cut back on staff, meaning staying sober is more important than ever before.

He said: “Markets are showing viscerally signs of a ‘dog eat dog’ syndrome resulting in a much more responsible approach to life.

“There is still plenty of great business out there but it does not fall off trees like ripe fruit. Individuals and companies need to challenge for it, hence a clear head at lunchtime these days is a prerequisite.”

He added: “Life is so professionally competitive now that few people working in banks or in brokers want to drink during the week. Of course it is more than made up for at night when the wine, spirits and beer flow like Victoria Falls.”

Laura Willoughby, a former Islington councillor who founded Club Soda, which City workers can join to tackle dependence on alcohol, said many City firms are looking to change their culture.

She said: “One reason people are cutting down is because people are ambitious and want to do well.

“But companies are now thinking about the culture in their companies and are thinking about the diversity of the City. They want to recruit young talent and under-25s are now drinking less than other age groups.

"Companies don’t want them to feel drinking is something they have to do to do their job.

“They are also wanting to recruit people from other backgrounds, and there are a larger number of people not drinking for health and religious reasons. It’s a British thing that we commiserate and celebrate with alcohol, but companies are finding it’s not necessarily inclusive.”

The Lloyd’s internal memo to staff acknowledges that “the London market historically had a reputation for daytime drinking”, but that the time for change has come.

It says: “The London market historically had a reputation for daytime drinking but that has been changing and Lloyd’s has a duty to be a responsible employer, and provide a healthy working environment. The policy we’ve introduced aligns us with many firms in the market.

“Drinking alcohol affects individuals differently. A zero limit is therefore simpler, more consistent and in line with the modern, global and high performance culture that we want to embrace.”

It adds: “After work, if you are representing Lloyd’s, but no business is being conducted, you can have an alcoholic drink and the onus remains on you to be professional at all times.”

Employees should decline alcoholic drinks even if offered one while with associates who are drinking.

A Lloyd’s spokesperson said: “Our employee guidance was recently updated and provided clarification on the Corporation’s position on drinking alcohol during the working day, which is prohibited.”