A significant part of the financial City lies outside the City’s boundaries: banks and professional services firms in Canary Wharf, and fund managers in Mayfair. There are no business voters in these places, or in any other financial centre, like New York. No-one complains that the absence of business voters in these places affects business. So why are business voters needed within the City’s boundaries?Read more "Graeme Harrower’s City of London Corportation Xmas Quiz"
Bank of England governor Mark Carney has pulled out of a dinner in the Square Mile designed to foster relations between London and China. The City of London Corporation is holding the event at The Guildhall on 3 September. It will be attended by China’s ambassador to the UK, Liu Xiaoming, the Corporation’s policy chief Catherine McGuinness and lord mayor Peter Estlin. Carney says he pulled out due to a diary clash rather than in support of pro-democracy protestors in Hong Kong. The US vice president and notorious bigot Mike Pence will speak at a black tie dinner, hosted by the City of London Corporation, at The Guildhall on 5 September. The City of London Lie Machine pumps out propaganda claiming the Corporation supports LGBT rights but its actions speak louder than its words….Read more "City of London Rolls Out The Red Carpet For Reactionaries As Liu Xiaoming & Mike Pence Are Feted At The Guildhall"
Earlier this month parts of the right-wing local and national press in the UK – Daily Mail, Times, City AM – covered Westminster’s criticism of the City of London banning a Taiwanese float from the Lord Mayor’s show. It goes without saying that these media outlets didn’t link the lack of democracy in the City – a local council elected on business votes rather than democratically controlled by local residents – and the authoritarian political system in China. Banning the Taiwanese float isn’t – as the right-wing media would have you believe – simply a matter of the City being greedy for Chinese money. The political system in the City of London is out of step with all other local authorities in the UK, but very much in step with authoritarian regimes around the world. Thus the City shares with China and others a desire to strangle local democracy anywhere it exists.Read more "Taiwan Banned From Neo-Liberal Lord Mayor’s Show As City of London & Chinese Authoritarianism Link Up"
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.Read more "The City of London, House Building Targets & Business Votes"
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"