Taken out of the broader context of their City of London political activities and affiliations, the arguments Tim Hailes and Edward Lord make for equality appear very reasonable; closer examination shows they’re pushing an agenda of paying lip service to diversity and making concessions that are hard to avoid, while attempting to preserve a patriarchal status quo whose main interest is defending the privileges of a super-rich elite. Both appear incapable of pushing beyond their current agendas to a more inclusive vision of equality that is critical of male privilege and class privilege in all their forms – including men only masonry.Read more "Tim Hailes, Edward Lord & The City Of London’s Twisting On Equality & Diversity"
Mark Field has long been known as the Invisible Man because of his unwillingness to engage with his constituents. When his majority was slashed in the 2017 general election he suddenly became slightly more visible and even vaguely interested in the issues that those who were entitled to vote for or against him wished to raise with ‘their’ MP. That said, after Field brutally assaulted Greenpeace activist Janet Barker last week and a video of the incident went viral, several media outlets still carried headlines that included the question “Who Is Mark Field?” However, the media don’t not know this MP the way his constituents don’t know him, because his aloofness and inaccessibility has long been a talking point among us. Until last week it seems Field had been largely operating beneath the radar of the press throughout his stint as an MP. That is apart from a headline grabbing 2005/6 love affair with fellow Tory MP Liz Truss (before she was elected to Parliament) and which ended with the first wife of this self-declared upholder of traditional values and civility divorcing him. The discrepancy between Field’s words and actions are neither failings nor quirks, they are embedded in the City of London culture of greed and entitlement that the MP is more effectively wedded to than any of his spouses.Read more "Mark Field & the City of London’s Culture of Misogyny & Entitlement"
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 City of London’s “charm offensive in the race for renminbi” has paid off, with London daily trading in renminbi now exceeding that in euro, the Financial Times reported. But this is only half the story, which is also about life after Brexit for Britain, and about the nation’s role in China’s “Belt and Road Initiative”. Some have suggested that post-Brexit Britain could become “another Singapore” by modelling itself on successful island economies. But in reality the City of London may be in process of becoming another Hong Kong. The key is that both Britain and its former colony are situated at either end of the Belt and Road project.Read more "City of London & Hong Kong Have More In Common Than Their Democratic Deficits"
Many see the City of London as an old boys network shot through with nepotism. The fact that councillor William Russell has already occupied the position of aldermanic sheriff and looks set to become a Lord Mayor is indicative of this. Russell’s great grandfather Frank Bowater was Lord Mayor of London 1938-1939. Frank Bowater’s older brother Thomas Vansittart Bowater was Lord Mayor of London 1913-1914 and also a conservative MP for the City from 1924 to 1938. Frank Bowater’s oldest son Noel Vansittart Bowater was Lord Mayor of London 1953-1954. Frank Bowater’s youngest son Ian Frank Bowater – William Russell’s grandfather – was Lord Mayor of London 1969-1970. If William Russell becomes the fifth member of his family to be Lord Mayor of London in just over 100 years, this can justly be perceived as dynastic and will serve to underscore that a local authority elected on business votes can never be meritocratic. Even the ultra-reactionary City A.M. rag has used the old boy phrase when covering Russell’s rise through this local authority’s hierarchy.Read more "William Russell, Barker Bridge, The City of London, Cronyism & Self-Aggrandisement"
This week’s alderman election in the Ward of Cheap highlights what’s wrong with the City of London election system, since for a grand total of 12 residents and 467 voters there is an alderman and 3 common councillors (4 councillors in total). That’s a councillor for roughly every 117 voters, and if we take away those with undemocratic business votes who also get to vote for someone else wherever they live, one councillor for every 3 residential voters! The minuscule voter numbers are absurd and the entire system inevitably leads to unfairness. Consider, for example, the need to get 5 people entitled to vote within the ward to nominate anyone who wishes to stand as a candidate in council elections. Anyone with views at odds with the finance industry is unlikely to find 5 people on the register of voters in business vote dominated wards who would nominate them.Read more "City of London Alderman Elections Absurd & Obscene"
It is rather rich of Charles Bowman to speak about the ‘democratic process’ in Nigeria when he and most of his colleagues in the City of London are ‘elected’ on undemocratic business votes and treat the actual residents of the local authority they administer with complete disdain; all the while gallivanting around the world promoting the interests of the finance industry and ultra-high net worth individuals at the expense of local people in the City of London and billions more around the globe. We’ve already made it clear we don’t trust Charles Bowman and we think anyone who does must be deluded. Shortly before Bowman headed off to Nigeria even the Financial Times was pouring cold water on his Business of Trust agenda.Read more "Trust: The Foreign Office Hums It & Charles Bowman Fakes It"
Excitement over Russian flotations peaked a decade ago. When Russian owners realised they could gain higher valuations by listing assets globally, it provided a rush of business. Sixty-seven of the Russian IPOs from 2005 to 2014 came to the London market, leaving New York behind. The City will gain comfort that Russian revenues had already tailed off — the US pounced after most of the fees had been paid. But Washington, not London, has decided how it must handle Russian financing. The Deripaska affair leaves the UK’s financial capital looking neither powerful nor principled.Read more "City of London ‘Neither Powerful Nor Principled’ According To The Financial Times"
Given that the City of London is the control centre of Britain’s ultra-exploitative off-shore banking business, it isn’t surprising to see it coming under fire for sexual harassment in the wake of the Presidents Club scandal. This was a ‘charity’ dinner at which an undercover reporter from the Financial Times recorded business ‘leaders’ groping and abusing the women serving them. For the City of London everything is a commodity to be bought and sold, and once this is understood the degrading way in which its ‘elite’ treat people can be better understood as a problem that includes the worst kinds of sexism but that runs even deeper and broader than that.Read more "Presidents Club Scandal Puts Spotlight On City of London’s Culture of Rape, Pillage & Plunder"