City’s Cash is 800 years old and still financing The City of London. No longer cloaked in secrecy, it is still a bone of contention in the elections march 2013
Papers from Washington have been leaked. Secrets of the Vatican are still being spilled into news and media. Has the time finally come to one of the ancient pillars of England, The City’s Cash? This is the hope of the “City Reform Group”, some of whose members are running for election here in March 2013. According to their homepage the candidates have pledged to work for democracy and transparency in this most august and opaque, but also very profitable institution, run by a group of “medieval elders”.
Square Mile
The elected City of London Corporation acts as the local authority for the Square Mile business district around St Paul’s, supports the UK-based financial services industry and provides many other services and facilities for London and the wider UK. It is believed that the City of London generates app. 10% of the British Economy. Trade surpluses of £47.2bn in UK financial services and £8.3bn in professional services were larger than any other sector in 2011. According to its website, The City of London works to promote London as the world leader in international finance and business services, particularly through its Lord Mayor as well as protecting City interests in Westminster, Whitehall and Brussels. Further it is one of the most significant art sponsors in the UK, including the Barbican Centre, the Guildhall School of Music & Drama and the Guildhall Art Gallery. It has its own police and manages almost 11,000 acres of historic and natural green space, for public recreation and health, runs three schools and the Smithfield, Billingsgate and Spitalfields markets and runs London’s largest grant-giving charity, the City Bridge Trust.
Guildhall
The city of London cooperation has its headquarters in Guildhall, the city powerhouse since the 12th century. Mainly built between 1411 and 1440 it was designed to reflect the importance of London’s Ruling Elite. However, the West Crypt is believed to date from the 13th century although built on top of a Roman amphitheatre. The term “Guildhall” refers to both the current complex of buildings as well as the great Hall, now used as a function room.
City’s Cash
All this is financed by, the income generated in three foundations: Bridge House Estates used to upheld the heritage in the city, the City Fund which generates income from taxes and the “City’s Cash”, a fund which has existed for more than 800 years. Income stems from school fees, rents, grants and investments. Expenditure falls on economic development, city representation, markets, open spaces and education.
It is detailed accounts of this ancient institution,
It is detailed accounts of this ancient institution – for the first time revealed in December 2012 – which some believe aught to be more transparent in the current climate of financial insecurity and even crisis. Apparently the ancient administrative rules do not quite live up to the puritanical standards wished for in the present climate of austerity. Hence the aspirations of the reform group to overthrow the administration of present day Guildhall. According to some critiques The City of London is no more than a very powerful group of lobbyists, medieval in character and spirit.
