City of London transparency survey launched

A survey has opened focusing on transparency and accountability within the City of London Corporation.

The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services is asking for views on the corporation's governance, among other topics.

Baroness Bennett of Manor Castle, member of the APPG and leader of the Green Party from 2012 to 2016, wrote in Parliament News the survey asked: "Should the corporation be left as it is, fundamentally reformed, or abolished?"

A spokesperson for the corporation said its backing of financial and professional services supported quality jobs and helped generate £110bn in tax revenues.

They added the corporation was "proud" to invest in education, housing, culture and green spaces "that enrich the lives of people well beyond the Square Mile."

The City of London Corporation is distinct among the country's local authorities. It is responsible for typical council functions, such as planning and housing, and also number of green spaces, and has its own police force.

Its electoral system incorporates businesses, and businesses receive additional votes relative to the size of their workforce.

Some of these differences have led to critics calling the corporation the country's last "rotten borough", according to the Local Democracy Reporting Service.

Baroness Bennett's APPG initiative is intended to assess transparency, democracy and fairness within the corporation.

She wrote in the Parliament News article that the survey intended to support "considered, evidence-based reform", and that policy positions would be based on the APPG's findings and developed through consensus.

"No other major financial centre has anything resembling the City of London Corporation," she added. "Not New York, not Tokyo, not Frankfurt, not Singapore."

A spokesperson for the City of London Corporation said their support of financial and professional services meant "high-quality UK jobs, better public services, and helps generate nearly £110bn in tax revenues".

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