Unusual Arrangement Unites Local London Government, Finance Industry

Not many non-Londoners know what the City of London is. Even fewer know about its political ties to the finance industry.

The City of London, a small swatch of land in the heart of the metropolis, has for centuries been run by a local government known as the City of London Corporation.  “This little government does more than just run schools and collect what the Brits call rubbish,” Dan Bobkoff explains.  “It’s a stealth power.”

Despite having fewer than 7,500 resident constituents, the City of London Corporation holds about $2 billion in its coffers.  It also has a troubling relationship with the financial institutions that dominate its geography.

Approximately 300,000 people commute into the City of London each day, most headed for firms like JPMorgan Chase and Bank of China.  The City allows those companies to appoint representatives to vote in local elections.  It also spends money and time promoting business interests abroad.

East End vicar Father William Taylor is an outspoken critic of the City’s relationship to the finance industry.  He and other reformers have been working to change the City’s special status for the last several years, against fierce pushback from local officials.


Full Story: Are Things Too Cozy in London's 'City' Within a City?

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Book cover of Essential Readings in Urban Planning

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $50.
$369 includes free shipping!
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!
$28.00