How The City of London Extracts Wealth From The UK’s Regions

“Nothing remotely illegal is being alleged… “(yet this) raises an important question: what is the purpose of this astonishingly complex corporate tower sitting atop a police training centre in Scotland? The shortest answer is that this is a classic example of the financialisation of apparently mundane parts of Britain’s economy…this is not an outlier: it is increasingly the way business is done. Overall, the general purpose of such complexity is for the owners higher up in the corporate tower to obtain maximum possible rewards from a particular arrangement, while shifting maximum risks onto others’ shoulders.”

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The City of London, House Building Targets & Business Votes

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.

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The Denizen & The Plutocracy’s Programme For Growing Inequality

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.

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