Following the Occupy London protests in 2012, the Corporation released information about “City’s Cash”—the “sovereign wealth fund” stemming from the 15th century. Over 52 percent of its reserve in that year came from investments, with 29 percent from school fees, 8 percent from rent, and 9 percent from grants, contributions and reimbursements. By 2016 its assets stood at £2.3 billion, generating £210 million yearly. The 2018-23 Corporate Plan cynically insists “everything we do contributes toward the achievement of twelve outcomes.” Those listed include: “People have equal opportunities to enrich their lives and reach their full potential” and to “Help provide homes that London and Londoner’s need.” The City of London actually devotes its main energies to furthering the inequality that produces untold misery and hardship.
Given our recent post on Freedoms of the City of London being handed out to paedophiles and disgraced politicians, we weren’t surprised to clock a new piece of opportunism on this score. The City is keen to get on board with China’s incoherent Belt and Road Initiative, so the fact that last week they handed a ‘Freedom’ to the head of the Bank of China UK was something that could have been predicted in advance. Obviously after laundering the Russian dirty money that’s been drying up of late, the City are desperate for new sources of income – everything the City does is instrumental.Read more "Bank of China CEO Sun Yu Shameless Enough To Accept Freedom of the City of London"
The London based architectural firm that designed the new Beijing international airport is headed by Patrik Schumacher, whose controversial calls for the scrapping of planning restrictions and planning regulations neatly chime with those of Mark Boleat and his colleagues at both the City of London and the Housing & Finance Institute. When it comes to housing and much else, the ideology of the Chinese authorities and the City of London are often hard to differentiate. And this is simply one of many reasons why we must fight against them. Hong Kong-Beijing-City of London, one struggle for democracy!Read more "Catherine McGuinness & The Wrecking Ball Smashing Democracy"