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.
Until the City of London is democratically reformed with the abolition of business votes and a reduction in the number of its councillors to a level commensurate with its residential electorate, its political system will provide an attractive target for those inclined to manipulate voting systems and seeking an easy route to power and influence. We will continue to keep an eye on upcoming City of London elections. Later this year Matthew Richardson is scheduled to step down as Billingsgate alderman. An election in that ward might well be of wider interest than the alderman contests we’ve reported in recent posts.Read more "Sue Langley, Aldermen & The City of London’s Rotten Political System"
The City wants hot money looted by corrupt elites from outside the overdeveloped world to pour into London and other global centres, where it can be invested in property and thus hyper-inflate the housing market. As a result rents and mortgages get puffed up, and so do potential profits for financial capital as debt increases. As the last crash showed, the periodic failures of this system are often the means by which yet more wealth is transferred from the poor to the rich. The City and its offshoots such as The Housing & Finance Institute want London and many other urban centres blighted with ghost homes, since this forces up house prices and leads to ordinary people overspending on necessities and in debt.Read more "The Denizen & The Plutocracy’s Programme For Growing Inequality"