The City of London has been playing a confidence trick on people in the UK and across the world for years with its claims of generating wealth for everyone when it actually impoverishes most of us. Should the City’s financial power dry up it will no longer be able to keep up the charade of pretending to benefit anyone beyond a tiny rich elite, nor fund its glossy and expensive PR campaigns on behalf of the wealthy few. It’s high time the City of London as we know it became history and this local authority was replaced with democratic institutions. Right now everything is coming together very nicely to make such change not just possible but likely.
The Crossrail deal struck between the Corporation of London when it saw headed by ‘Sir’ Michael Snyder and the 2007 Labour government highlights the blurring between the corporation’s two roles, that of a local authority with public funds and a lobbying body with even larger private funds. An internal corporation document presented to councillors in October 2007 stated that, “there would be a number of pre-conditions to be satisfied before funding was released”. One of these was “a net real terms improvement in government funding of the City Corporation”. The corporation wanted the government to reinstate a fund known as the “City Offset” “The City Offset was re-instated… in 2007 following representations from the City of London Corporation,” said a spokesman for the Department for Communities and Local Government… This means the corporation could end up recouping all of the money it is contributing to Crossrail. As the internal corporation document states, if the extra government funding to the corporation continued for fifteen years, “the eventual adverse impact on our asset base would be £15m or less”. Given that Crossrail inflates the value of lands owned by the corporation adjacent to it and the extra funding could continue for more than 15 years, the City potentially stood to make a great deal of money from this deal.Read more "‘Sir’ Michael Snyder, The City of London & Crossrail"
In recent days the press have been reporting on Robert Davis as a ‘councillor under fire over ludicrous levels of hospitality’ entailing ’60 visits to the theatre, 10 foreign trips, 296 free meals’. One of Davis’s former Conservative colleagues on Westminster City Council, Alastair Moss, is currently deputy chair of planning at the neighbouring City of London council.Read more "Alastair Moss: The City Of London’s Putin Of Planning"