City Of London’s Culture Mile & Submission Of Markets Plan

Moving wholesale markets to the edge of the city is sensible and is to be welcomed, as is the use of some of the freed up land for housing; as long as this doesn’t turn out to be luxury ghost homes for investors. That said, the City has already made it clear it wants to use Smithfield and the site of the Museum of London (if it is vacated) for vanity Culture Mile projects rather than housing. We don’t want a dead culture pitched to the victims of an unsustainable tourist industry. None of the exciting new cultural developments – such as grime – that have emerged from London in recent decades were funded by artwashing out-of-touch ‘patrons’ such as the City of London. Rather they grew from the very communities the Culture Mile will effectively exclude. Building council flats to sustain social diversity would do a lot more for culture in London than the Culture Mile will ever achieve.

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Ongoing Fiasco Over City of London School For Girls Expansion

There is nothing peculiar about the fact that the City of London council are lending a private school more than £15million – subject to the same local authority granting planning permission for the scheme it already backs – while simultaneously seeking £30million in cuts from its parks and other budgets, and when it has just secured £450million in external loans for unwanted vanity/legacy projects such as the proposed Centre For Music. This rotten borough lobbies globally for neo-liberal policies that benefit the super-rich at the expense of everyone else, so its willingness to underwrite the expansion of an elitist school – to the detriment of London’s architectural heritage and against the interests of the local community – reflects perfectly its aims and priorities.

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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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City of London’s Neo-Liberal Politics Puts Londoners’ Housing Needs Last

Those familiar with the City of London council will not be surprised by the news that after landing a huge grant from the Mayor of London’s housing investment scheme, it has quietly dropped its plan to build 3700 new council homes by 2025. Likewise it would be silly to take at all seriously the claim: “The corporation said its budget for building new homes had come under pressure…” The modest size of this ‘pressured’ budget is a political decision; the Corporation could cease spending the millions in interest generated by its City’s Cash sovereign wealth fund on lobbying for neo-liberal economic policies and instead use the money for house building. However this is unlikely to happen until there is democratic reform of the local authority and the council chamber ceases to be controlled by undemocratic business votes.

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