witchy1
18th April 2011, 13:36
Known as "the mile" The City of London is not a part of England, and hasn't been since the early 13th Century. It's a sovereign state, not ruled by English law.
The center of the world's banking and legal systems are the City of London. The City is "a square mile" and in the center of London.
However, The City of London has been granted various special privileges since the Norman Conquest such as the right to run its own affairs [52] (http://en.wikipedia.org/wiki/City_of_London#cite_note-51)[53] (http://en.wikipedia.org/wiki/City_of_London#cite_note-52) partly due to the power of its financial capital. These are also mentioned by the Statute of William and Mary in 1690.[54] (http://en.wikipedia.org/wiki/City_of_London#cite_note-53) Today, voting rights for the City of London’s municipal authority are granted to its 32,000 business in addition to residents which now number less than 9000. This unique patronage system ensures that business interests usually take priority.
Despite this, multiple attempts to reform the City have been thwarted, and maintaining these privileges is the role of an unelected official lobbyist in Parliament called the Remembrancer.[55] (http://en.wikipedia.org/wiki/City_of_London#cite_note-54)
The power and influence of the City over government policy has enraged democratically elected leaders down the ages. For example, the former British Prime Minister Clement Attlee, wrote “Over and over again we have seen that there is in this country another power than that which has its seat at Westminster. The City of London, a convenient term for a collection of financial interests, is able to assert itself against the Government of the country. Those who control money can pursue a policy at home and abroad contrary to that which has been decided by the people."[56] (http://en.wikipedia.org/wiki/City_of_London#cite_note-55)
More recently, following the financial crises of the late 2000s, the City came in for criticism due to an apparent lack of control and regulation. It is also claimed that many of the recent financial catastrophes which were partly caused by a lack of such controls, can be traced to companies who work in the City, or London based offices.[57] (http://en.wikipedia.org/wiki/City_of_London#cite_note-56)
English secretive trust laws and strong libel laws are two factors that make the City an attractive offshore haven for the assets of foreign business. Eva Joly states “The City of London that state within a state’ has never transmitted even the smallest piece of usable evidence to a foreign magistrate."[58] (http://en.wikipedia.org/wiki/City_of_London#cite_note-57) This provides a lucrative environment for money laundering and assets to be sheltered from tax, free from examination by law enforcement agencies by maintaining plausible deniability. Rich private clients also benefit through the domicile rules.[59] (http://en.wikipedia.org/wiki/City_of_London#cite_note-58) Although the City of London’s headline tax rate is the same as the rest of the UK, by influencing and using the legal system and laws of disclosure it has the means to allow clients to avoid or reputedly evade tax.
Although there is no agreed definition of a tax haven, many authors have accused the City of London of being one.[60] (http://en.wikipedia.org/wiki/City_of_London#cite_note-59) [61] (http://en.wikipedia.org/wiki/City_of_London#cite_note-60) The Tax Justice Network, goes further and accuses the City of London as being “the biggest tax haven in the world” as well as ‘a state within a state’.
[62] (http://en.wikipedia.org/wiki/City_of_London#cite_note-61) Ian Doyle and Jem Bendell, summarise these claims with the following statement:
the City “is the most powerful lobby in Britain and possibly the world, and as a result . . . exerts enormous political influence to resist regulation and extract tax exemption. It has fostered criminality by ensuring that the City ranks amongst the least accountable of financial centres on the face of the Earth”.[63] (http://en.wikipedia.org/wiki/City_of_London#cite_note-62)
http://en.wikipedia.org/wiki/City_of_London
http://upload.wikimedia.org/wikipedia/commons/thumb/a/ae/Great_fire_of_london_map.png/220px-Great_fire_of_london_map.png (http://en.wikipedia.org/wiki/File:Great_fire_of_london_map.png)
Government - Local authority (http://en.wikipedia.org/wiki/Local_government_in_England)City of London Corporation (http://en.wikipedia.org/wiki/City_of_London_Corporation) - Lord Mayor (http://en.wikipedia.org/wiki/Lord_Mayor_of_London)Michael Bear (http://en.wikipedia.org/wiki/Michael_Bear_(Lord_Mayor)) - Member of Parliament (http://en.wikipedia.org/wiki/MPs_elected_in_the_United_Kingdom_general_election,_2010)Mark Field (http://en.wikipedia.org/wiki/Mark_Field) (Cities of London and Westminster (http://en.wikipedia.org/wiki/Cities_of_London_and_Westminster_(UK_Parliament_constituency))) - London Assembly (http://en.wikipedia.org/wiki/London_Assembly)John Biggs (http://en.wikipedia.org/wiki/John_Biggs_(politician)) (City and East (http://en.wikipedia.org/wiki/City_and_East_(London_Assembly_constituency))) - Town Clerk (http://en.wikipedia.org/wiki/Town_Clerk_of_London)Chris Duffield (http://en.wikipedia.org/wiki/Chris_Duffield)
Area Total 1.1 sq ml (2.90 km2 Population (2009 est.)[1] (http://en.wikipedia.org/wiki/City_of_London#cite_note-2009pop-0) - Total11,500 - Density10,270.6/sq mi (3,965.5/km2) - Ethnicity84.4% White
(68.3% British
12.8% non-British
3.3% Irish)
6.8% South Asian (http://en.wikipedia.org/wiki/British_Asian)
2.6% African-Caribbean (http://en.wikipedia.org/wiki/British_African-Caribbean_community)
2.0% Chinese (http://en.wikipedia.org/wiki/British_Chinese) - ONS code (http://en.wikipedia.org/wiki/ONS_coding_system)00AA Population Ranked 325/326 (http://en.wikipedia.org/wiki/List_of_English_districts_by_population)
The center of the world's banking and legal systems are the City of London. The City is "a square mile" and in the center of London.
However, The City of London has been granted various special privileges since the Norman Conquest such as the right to run its own affairs [52] (http://en.wikipedia.org/wiki/City_of_London#cite_note-51)[53] (http://en.wikipedia.org/wiki/City_of_London#cite_note-52) partly due to the power of its financial capital. These are also mentioned by the Statute of William and Mary in 1690.[54] (http://en.wikipedia.org/wiki/City_of_London#cite_note-53) Today, voting rights for the City of London’s municipal authority are granted to its 32,000 business in addition to residents which now number less than 9000. This unique patronage system ensures that business interests usually take priority.
Despite this, multiple attempts to reform the City have been thwarted, and maintaining these privileges is the role of an unelected official lobbyist in Parliament called the Remembrancer.[55] (http://en.wikipedia.org/wiki/City_of_London#cite_note-54)
The power and influence of the City over government policy has enraged democratically elected leaders down the ages. For example, the former British Prime Minister Clement Attlee, wrote “Over and over again we have seen that there is in this country another power than that which has its seat at Westminster. The City of London, a convenient term for a collection of financial interests, is able to assert itself against the Government of the country. Those who control money can pursue a policy at home and abroad contrary to that which has been decided by the people."[56] (http://en.wikipedia.org/wiki/City_of_London#cite_note-55)
More recently, following the financial crises of the late 2000s, the City came in for criticism due to an apparent lack of control and regulation. It is also claimed that many of the recent financial catastrophes which were partly caused by a lack of such controls, can be traced to companies who work in the City, or London based offices.[57] (http://en.wikipedia.org/wiki/City_of_London#cite_note-56)
English secretive trust laws and strong libel laws are two factors that make the City an attractive offshore haven for the assets of foreign business. Eva Joly states “The City of London that state within a state’ has never transmitted even the smallest piece of usable evidence to a foreign magistrate."[58] (http://en.wikipedia.org/wiki/City_of_London#cite_note-57) This provides a lucrative environment for money laundering and assets to be sheltered from tax, free from examination by law enforcement agencies by maintaining plausible deniability. Rich private clients also benefit through the domicile rules.[59] (http://en.wikipedia.org/wiki/City_of_London#cite_note-58) Although the City of London’s headline tax rate is the same as the rest of the UK, by influencing and using the legal system and laws of disclosure it has the means to allow clients to avoid or reputedly evade tax.
Although there is no agreed definition of a tax haven, many authors have accused the City of London of being one.[60] (http://en.wikipedia.org/wiki/City_of_London#cite_note-59) [61] (http://en.wikipedia.org/wiki/City_of_London#cite_note-60) The Tax Justice Network, goes further and accuses the City of London as being “the biggest tax haven in the world” as well as ‘a state within a state’.
[62] (http://en.wikipedia.org/wiki/City_of_London#cite_note-61) Ian Doyle and Jem Bendell, summarise these claims with the following statement:
the City “is the most powerful lobby in Britain and possibly the world, and as a result . . . exerts enormous political influence to resist regulation and extract tax exemption. It has fostered criminality by ensuring that the City ranks amongst the least accountable of financial centres on the face of the Earth”.[63] (http://en.wikipedia.org/wiki/City_of_London#cite_note-62)
http://en.wikipedia.org/wiki/City_of_London
http://upload.wikimedia.org/wikipedia/commons/thumb/a/ae/Great_fire_of_london_map.png/220px-Great_fire_of_london_map.png (http://en.wikipedia.org/wiki/File:Great_fire_of_london_map.png)
Government - Local authority (http://en.wikipedia.org/wiki/Local_government_in_England)City of London Corporation (http://en.wikipedia.org/wiki/City_of_London_Corporation) - Lord Mayor (http://en.wikipedia.org/wiki/Lord_Mayor_of_London)Michael Bear (http://en.wikipedia.org/wiki/Michael_Bear_(Lord_Mayor)) - Member of Parliament (http://en.wikipedia.org/wiki/MPs_elected_in_the_United_Kingdom_general_election,_2010)Mark Field (http://en.wikipedia.org/wiki/Mark_Field) (Cities of London and Westminster (http://en.wikipedia.org/wiki/Cities_of_London_and_Westminster_(UK_Parliament_constituency))) - London Assembly (http://en.wikipedia.org/wiki/London_Assembly)John Biggs (http://en.wikipedia.org/wiki/John_Biggs_(politician)) (City and East (http://en.wikipedia.org/wiki/City_and_East_(London_Assembly_constituency))) - Town Clerk (http://en.wikipedia.org/wiki/Town_Clerk_of_London)Chris Duffield (http://en.wikipedia.org/wiki/Chris_Duffield)
Area Total 1.1 sq ml (2.90 km2 Population (2009 est.)[1] (http://en.wikipedia.org/wiki/City_of_London#cite_note-2009pop-0) - Total11,500 - Density10,270.6/sq mi (3,965.5/km2) - Ethnicity84.4% White
(68.3% British
12.8% non-British
3.3% Irish)
6.8% South Asian (http://en.wikipedia.org/wiki/British_Asian)
2.6% African-Caribbean (http://en.wikipedia.org/wiki/British_African-Caribbean_community)
2.0% Chinese (http://en.wikipedia.org/wiki/British_Chinese) - ONS code (http://en.wikipedia.org/wiki/ONS_coding_system)00AA Population Ranked 325/326 (http://en.wikipedia.org/wiki/List_of_English_districts_by_population)