According to a research by the Bureau of Investigative Journalism (TBIJ), the City of London corporation, the municipal governing body of the City of London, alone spent over £10 million in 2011 on public affairs advocacy.
Showing how finance lobbyists won a host of important policy changes in Whitehall and Westminster, the investigation also raised concerns about the scale of City’s lobbying machine influence, as it puts the interests of the wider economy in the shade.
“People have long understood the power the finance sector has over British politics. Here, for the first time, we can now see something of its scale and firepower. To spend such enormous sums of money to influence our government, its decisions, and the way this country is run is shocking,” said Tamasin Cave, director of SpinWatch and head of the Alliance for Lobbying Transparency.
The study also revealed that Stuart Fraser, the recently departed leader of the City of London corporation, had contact with the British chancellor George Osborne and other Treasury ministers and officials 22 times in the 14 months up to March 2012.
The British Business Secretary Vince Cable said he was concerned that the UK’s financial sector had become “too dominant and too easily assumed to represent the national interest”.
However, a spokesman for the City of London corporation said, “Crucially, we do not ‘lobby’ for individual firms, deals or people. We are in contact with all political parties – both in and out of office – and act rather like a trade body, but across a broader range.”
SSM/MA/HE
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