Jun 15 2016

Pre-Brexit has already handed the City of London four big victories

Posted by: Nicholas Shaxson in: Thoughts

That’s the conclusion of a new report by the non-governmental body Corporate Observatory Europe, entitled How Cameron’s
referendum delivered victories to Big Finance.
The introduction summarises:

“From the day a ballot on UK membership was first announced by David Cameron three years ago, the financial sector has sought and won significant lobbying victories thanks to a complicit UK government and EU efforts to keep the City of London happy.”

And it cites four big victories, in particular:

Now for more on this, I’d urge you to read the report. But in the context of Treasure Islands, I’d also highlight this peculiar creature of the City of London Corporation:

:The City of London is more than just the UK Frontline financial lobby group IRSG works closely with UK public authorities, yet it is hardly British in a standard sense: it is more like a “who’s who” of global financial corporations.

When looking at the membership of the financial lobby groups that have the ear of the UK Government, it is quite clear that
we are not necessarily talking about financial companies with national roots. This becomes clear when looking at the list of
members of the Council of the IRSG, the lobby group that works with the City of London Corporation to promote the interests of
the financial sector in the EU. Other than all brand names from the British financial sector, the Council has members from US
banks Goldman Sachs, JP Morgan, BNY Mellon, from German Deutsche Bank and Alllianz Global Investors, Crédit Agricole and
BNP Paribas from France, Japanese bank Nomura, and many more. See the full list at http://www.irsg.co.uk/about-us/

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