In the absence of democratic accountability, conflicts of interest are inevitable. What is the connection between Michael Bear, head of a local authority in the heart of our capital, and Michael Bear, property developer for Hammerson? This question is especially difficult to answer when the local authority and Hammerson are working together on multi-million pound projects. It’s high time a clear light was shone on this murky world.
Over the past few weeks the Talk Culture Mile series of events in the City has demonstrated the exclusionary nature of this project, with the aim being to bring ‘together organisations from across all sectors’ while not inviting the main stakeholders, local residents. So while the Improving Social Mobility Through Creative Skills talk was held at Golden Lane Community Centre on 4 July 2019, no one involved troubled themselves to notify tenants on the council estate that houses the venue of this event, since it seems the idea is to leave the organisation of social mobility to professionals – who we assume are mostly interested in preserving their own privileges by holding back the working class. The fact this talk was intended for people unfamiliar with the area rather than local residents was underlined by the leaflet promoting it carrying the following information after the venue’s address: “The community centre is opposite Great Arthur House, EC1Y 0RD”. Local people know where the community centre is.Read more "City of London Attempts To Flatten All Opposition To Culture Mile Gentrification and Social Exclusion"
City residents will have recently had a copy of the June issue of City View: The Magazine of the City of London Corporation drop through their letterbox. The whole of page 3 is dedicated to the proposal/done deal to relocate three ‘historic’ markets to a new site in Dagenham. Funds are being raised for this move and other projects on the basis it is a done deal, while at the same time City residents and other stakeholders are told this ‘proposal’ is the City’s preferred option and they are being consulted about it. This, like all City consultations is a PR exercise in rubber-stamping a decision that has already been made.Read more "City of London ‘Consultations’ Are A Sham Designed To Rubber Stamp Decisions That Have Already Been Made"
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.Read more "History Is Against The City Of London & Will Judge It Harshly"
Years of forecast deficits for the City Fund caused partly by policing costs and uncertain funding from central government mean that the corporation is embarking on a “fundamental review of its priorities and expenditure” in an attempt to put its finances on a more stable footing, according to a report by Jeremy Mayhew, head of the corporation’s finance committee.Read more "City of London Cash Crunch"
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"
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"