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.
The skyscrapers Hayward wants to see built aren’t simply office space; they are as Alex Simpson observed in an article published on City Metric earlier this year ‘a monument to the city’s worship of finance’. As Simpson notes, developers are sometimes over ambitious and some projects fail. After funding dried up, The Pinnacle was left as a partially built shell and became known as The Stump. Perhaps Hayward is dreaming that the redevelopment of The Stump as 22 Bishopsgate might in some way parallel his future political career no matter how unlikely this seems. On his City website Hayward boasts of 30 years experience in local government and stresses that the last four were as a councillor for the utterly undemocratic business vote ward of Broad Street. Hayward has been forced to scale down his political ambitions from being an MP to being one of a tiny group of councillors ‘elected’ on no votes whatsoever; and it seems that the only way to get Hayward to scale down his support for overdevelopment in the form of schemes like Gerrymander Mansions is to smash the rotten City of London political culture in which he’s enmeshed.Read more "Chris Hayward: Clockwork Tory"
The City of London has an entirely different system of local government to the rest of the UK; and one that is completely undemocratic. This is unfair to the residents of the borough and requires immediate rectification. The decision of the Corporation’s Planning Committee to approve the demolition of the architecturally significant Bernard Morgan House, and to allow Taylor Wimpey to build an over-scaled luxury apartment block on the site is indicative of all that’s wrong with this council. We have addressed potential conflict of interest issues and the vote rigging implications of this decision elsewhere. What we wish to underline here is that neither the Planning Committee nor the council has a mandate from local people and therefore their decisions are illegitimate. The City of London is the only place in the UK to retain the business vote, and there are roughly twice as many of these as residential votes. The ward boundaries and Alderman system also favour big business over people.Read more "The Corporation of London rules by plutocratic diktat!"