The Crossrail deal struck between the Corporation of London when it saw headed by ‘Sir’ Michael Snyder and the 2007 Labour government highlights the blurring between the corporation’s two roles, that of a local authority with public funds and a lobbying body with even larger private funds. An internal corporation document presented to councillors in October 2007 stated that, “there would be a number of pre-conditions to be satisfied before funding was released”. One of these was “a net real terms improvement in government funding of the City Corporation”. The corporation wanted the government to reinstate a fund known as the “City Offset” “The City Offset was re-instated… in 2007 following representations from the City of London Corporation,” said a spokesman for the Department for Communities and Local Government… This means the corporation could end up recouping all of the money it is contributing to Crossrail. As the internal corporation document states, if the extra government funding to the corporation continued for fifteen years, “the eventual adverse impact on our asset base would be £15m or less”. Given that Crossrail inflates the value of lands owned by the corporation adjacent to it and the extra funding could continue for more than 15 years, the City potentially stood to make a great deal of money from this deal.Read more "‘Sir’ Michael Snyder, The City of London & Crossrail"
The usual media suspects – The Times, City AM, City Matters, Financial News London etc. – picked up the story that Peter Estlin was “elected” as Lord Mayor of London on 1 October. Of course Estlin was “elected” by his peers in the finance and legal industries rather than those who actually live within the boundaries of the local authority that he now lords it over. London’s current situation of having two mayors – one for the whole city and one for the much smaller City of London – is ridiculous. London doesn’t need two mayors and the best move Estlin could make if he’s serious about his agenda of social inclusion (we doubt it) is resigning and ensuring his powers and role are handed over to London’s real mayor, the democratically elected Sadiq Khan.Read more "New Lord Mayor Peter Estlin Could Best Address Social Inclusion by Resigning"
Perhaps nothing better sums up Stuart Fraser as a demagogue who has no time for democracy than the following quote: “I would be most content if I leave the City in a better state than I came to it. Yes, it’s a general statement, but I would still like the City of London to dominate the world.” From “Stuart Fraser keeps a cool head in the eye of the storm” by Yvette Essen, Daily Telegraph, 2 June 2008. Needless to say it’s dictators who seek to dominate the world, not democrats. And not quite a ‘newsflash’ for Stuart Fraser: after the crash and political fall out from that, you’ve left the City of London weaker than when you headed this reprehensible anti-democratic institution. From here on in it looks like things can only get worse for this rotten borough.Read more "Stuart Fraser & The City of London’s Antipathy To Democracy"