Difference between revisions of "TheCityUK"

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'''TheCityUK''' is a financial services lobbying group. Its aim is 'to make the UK the best place in the world to establish and grow a financial services business and, in turn, to maximise the sector's contribution to the UK.' <ref name="TheCityUK"> [http://www.thecityuk.com/who-we-are/about-thecityuk.aspx About TheCityUK], TheCityUK website, accessed 24 March 2011 </ref>
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[[Image:TheCityUK 2.jpg|350px|right|thumb|TheCityUK, 65a Basinghall Street, London EC2V 5DZ]]
  
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==Background==
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'''TheCityUK''' is a financial services lobbying group. Its aim is 'to make the UK the best place in the world to establish and grow a financial services business and, in turn, to maximise the sector's contribution to the UK.' Its advisory council includes Sir [[Win Bischoff]], Chairman of [[Lloyds Banking Group]] and London Lord Mayor [[Boris Johnson]].
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<ref name="TheCityUK"> [http://www.thecityuk.com/who-we-are/about-thecityuk.aspx About TheCityUK], TheCityUK website, accessed 24 March 2011 </ref>
  
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===Activities===
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==Activities==
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Outlining the importance of a sector that employs over 1 million people or 1 in every 10 of the working population, TheCityUK says its "senior team regularly engages with regulators and policymakers at home and overseas, ensuring the sector's views are represented at the highest levels". <ref name="TheCityUK"/>
  
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====Lobbying for Goldman Sachs====
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It claims to be "independent and politically neutral".<ref name="TheCityUK"/>
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[[Image:TheCityUK.jpg|350px|right|thumb|TheCityUK, 65a Basinghall Street, London EC2V 5DZ (behind City of London Corporation offices)]]
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===Brexit lobbying===
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TheCityUK hired a Washington-based lobbying firm, [[Eris Group]] in autumn 2017 'for matters related to the Brexit as well as US-UK trade policies'. The firm is set to lobby in Washington on 'foreign trade policies'. [[Eris Group]]'s [[Doyle Bartlett]], [[Chris McCannell]] will work on the account.<ref>[http://www.odwyerpr.com/story/public/9367/2017-09-08/uk-fin-group-wages-us-trade-salvo.html UK Fin Group Wages US Trade Salvo], 8 Sept 2017</ref>
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===Lobbying for Goldman Sachs===
 
Correspondence obtained by SpinWatch reveals that in December 2009 TheCityUK's chairman [[Stuart Popham]] hosted a lunch attended by the then shadow chancellor, George Osborne, London's Lord Mayor [[Boris Johnson]] and Goldman Sachs International's co-CEO [[Michael Sherwood]]. Popham at the time was senior partner in [[Clifford Chance]], the law firm representing American banks in their lobbying efforts against EU efforts to toughen regulation. <ref name="SpinWatch">SpinWatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. Published on Scribd, March 2011. p8. </ref>
 
Correspondence obtained by SpinWatch reveals that in December 2009 TheCityUK's chairman [[Stuart Popham]] hosted a lunch attended by the then shadow chancellor, George Osborne, London's Lord Mayor [[Boris Johnson]] and Goldman Sachs International's co-CEO [[Michael Sherwood]]. Popham at the time was senior partner in [[Clifford Chance]], the law firm representing American banks in their lobbying efforts against EU efforts to toughen regulation. <ref name="SpinWatch">SpinWatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. Published on Scribd, March 2011. p8. </ref>
  
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Days before the lunch, Johnson had written to Goldman's Chair and CEO, [[Lloyd Blankfein]], to restate his support for the City: “I will strongly defend London's financial services industry against the threats of punitive taxation and new burdensome EU regulations”, he wrote.<ref name="SpinWatch"/>
 
Days before the lunch, Johnson had written to Goldman's Chair and CEO, [[Lloyd Blankfein]], to restate his support for the City: “I will strongly defend London's financial services industry against the threats of punitive taxation and new burdensome EU regulations”, he wrote.<ref name="SpinWatch"/>
  
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==Views==
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===Against the Financial Transactions Tax===
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==Affiliations==
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The CityUK has lobbied heavily against Europe's proposed Financial Transactions Tax (FTT). In February 2012 chief executive [[Chris Cummings]] commented that a FTT would hinder growth, increase costs for consumers and hit pension savers. It would not result in an increased 'tax take' for governments because hedge funds would look elsewhere to invest:
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:A FTT will hinder UK and European competitiveness at a time when we need to do all we can to stimulate economic growth. The lion’s share of independent analysis shows that a FTT would increase costs for both industry and consumers, without adding to the tax take.
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:If we’re not careful, we’re in real danger of creating a 'lose-lose' situation: the public finds their weekly shopping more expensive and their pensions lower – and the politicians won't have the extra tax income they were banking on. When Sweden introduced a similar tax in the 1980’s, bond trading became so expensive that virtually all the business flowed elsewhere.
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:Ultimately industry and policymakers need to work together to protect European competitiveness. A FTT risks penalising savers, undermining industry and reducing the European tax take – a result that is in no-one’s best interest.” <ref> [http://www.thecityuk.com/financial-services-in-the-uk/why-financial-services-matter/uk-financial-services-articles/ftt-will-increase-costs-and-restrict-growth/?utm_medium=email&utm_source=TheCityUK&utm_campaign=1197500_TheCityUK+newsletter+February+2012&utm_content=FTTstatement&dm_i=J8I,PNZW,3HH1HB,22I0S,1 FTT will increase costs and restrict growth], press release published 15/02/2012, acc 14 March 2012 </ref>
  
 
==People==
 
==People==
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===Leadership team===
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*[[Chris Cummings]] - Chris has been TheCityUK's chief executive since September 2010. Prior to this, he was the Director General of the [[Association of Independent Financial Advisers]]. He was previously with [[PwC]], [[Sun Life of Canada]] and [[PPP Healthcare]]. He chairs the Overseas Promotion Committee.
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*[[Stuart Popham]], Chairman previously Senior Partner at law firm [[Clifford Chance]]. He is responsible for developing TheCityUK's strategy and delivery
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*[[Howard Miller]], Director of Policy and Public Affairs
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*[[Wayne Evans]] -Director of International Strategy since June 2010. Was Director International at International Financial Services London (IFSL), and before that the [[Foreign and Commonwealth Office]] where his career included work on Trade Promotion, Economic and Political policy.
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*[[Raquel Hughes]], Director of UK Strategy
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*[[Keith Phillips]], Commercial Director
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<ref> [http://www.thecityuk.com/about-us/who-we-are/leadership-team/ CityUK Leadership Team], acc 14 March 2012 </ref>
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===Board===
 
===Board===
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*Chaired by [[Stuart Popham]], previously Senior Partner at law firm [[Clifford Chance]]. He is responsible for developing TheCityUK's strategy and delivery.
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*Stuart Popham - chair
 
*Sir [[Win Bischoff]], Chairman of [[Lloyds Banking Group]], oversees TheCityUK's Advisory Council. The President of the Advisory Council is the [[Lord Mayor]] ([[Boris Johnson]]).<ref name="TheCityUK"/>
 
*Sir [[Win Bischoff]], Chairman of [[Lloyds Banking Group]], oversees TheCityUK's Advisory Council. The President of the Advisory Council is the [[Lord Mayor]] ([[Boris Johnson]]).<ref name="TheCityUK"/>
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*Chris Cummings
 
*[[Stuart Fraser]] Chairman of Policy, City of London Corporation, Chief Executive
 
*[[Stuart Fraser]] Chairman of Policy, City of London Corporation, Chief Executive
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*[[Chris Cummings]] TheCityUK Chairman: Overseas Promotion Committee
 
 
*[[Robert Gray]] Chairman, Debt Finance  & Advisory, HSBC Chairman: Domestic Promotion Committee  
 
*[[Robert Gray]] Chairman, Debt Finance  & Advisory, HSBC Chairman: Domestic Promotion Committee  
 
*Dame [[Clara Furse]] Non-Executive Director, Nomura International and Legal & General Chairman: International Regulatory Strategy Group  
 
*Dame [[Clara Furse]] Non-Executive Director, Nomura International and Legal & General Chairman: International Regulatory Strategy Group  
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*Sir [[Stephen Wright]] TheCityUK
 
*Sir [[Stephen Wright]] TheCityUK
  
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==Funding==
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==Lobbying agencies==
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*[[Cicero Consulting]]<ref> [http://www.appc.org.uk/members/register/register-profile/?company=Cicero%20Group Register 1st September 2014 - 30th November 2014] ''APPC'', accessed 29 January 2015 </ref>
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==Clients==
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*[[Bellenden]]
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*[[Westbourne Communications]]
  
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==Publications, Contact, Resources and Notes==
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==External resources==
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*Chris Cummings, [http://www.independent.co.uk/news/business/comment/chris-cummings-its-essential-that-uk-plc-restores-trust-in-our-financial-services-8223575.html Chris Cummings: It's essential that UK plc restores trust in our financial services], 24 October 2012
  
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===Publications===
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==Contact==
  
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===Contact===
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:Address:65a Basinghall Street, London, EC2V 5DZ
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:Phone:020 7776 8970.
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:Email:info@thecityuk.com
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:Website:http://www.thecityuk.com/
  
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:Address:
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==Notes==
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:Email:
 
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:Website:
 
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===Resources===
 
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===Notes===
 
  
 
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[[Category:Lobbying]]
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[[Category:Lobbying]] [[Category: Lobbyists]]
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[[Category: Financial sector lobbying]]
 
     [[Category: Corporate Lobby Groups]]
 
     [[Category: Corporate Lobby Groups]]
 
     [[Category: Corporate Memberships Database]]
 
     [[Category: Corporate Memberships Database]]
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[[Category:Brexit]]
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[[Category:Brexit - trade body]]
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    [[Category: Lobbyists]]
 

Latest revision as of 07:05, 28 December 2017

Twenty-pound-notes.jpg This article is part of the Lobbying Portal, a sunlight project from Spinwatch.
Brexit badge.png Part of the Powerbase Brexit Portal.
TheCityUK, 65a Basinghall Street, London EC2V 5DZ

TheCityUK is a financial services lobbying group. Its aim is 'to make the UK the best place in the world to establish and grow a financial services business and, in turn, to maximise the sector's contribution to the UK.' Its advisory council includes Sir Win Bischoff, Chairman of Lloyds Banking Group and London Lord Mayor Boris Johnson. [1]

Activities

Outlining the importance of a sector that employs over 1 million people or 1 in every 10 of the working population, TheCityUK says its "senior team regularly engages with regulators and policymakers at home and overseas, ensuring the sector's views are represented at the highest levels". [1]

It claims to be "independent and politically neutral".[1]

TheCityUK, 65a Basinghall Street, London EC2V 5DZ (behind City of London Corporation offices)

Brexit lobbying

TheCityUK hired a Washington-based lobbying firm, Eris Group in autumn 2017 'for matters related to the Brexit as well as US-UK trade policies'. The firm is set to lobby in Washington on 'foreign trade policies'. Eris Group's Doyle Bartlett, Chris McCannell will work on the account.[2]

Lobbying for Goldman Sachs

Correspondence obtained by SpinWatch reveals that in December 2009 TheCityUK's chairman Stuart Popham hosted a lunch attended by the then shadow chancellor, George Osborne, London's Lord Mayor Boris Johnson and Goldman Sachs International's co-CEO Michael Sherwood. Popham at the time was senior partner in Clifford Chance, the law firm representing American banks in their lobbying efforts against EU efforts to toughen regulation. [3]

“The purpose of the lunch”, according to a letter from Boris Johnson dated 21 December 2009, “is to discuss threats to London's competitiveness as a global financial centre”, as well as “to hear your concerns and suggestions, and to reassure you that we remain committed to doing all we can to ensure London retains its position.”[3]

Days before the lunch, Johnson had written to Goldman's Chair and CEO, Lloyd Blankfein, to restate his support for the City: “I will strongly defend London's financial services industry against the threats of punitive taxation and new burdensome EU regulations”, he wrote.[3]

Against the Financial Transactions Tax

The CityUK has lobbied heavily against Europe's proposed Financial Transactions Tax (FTT). In February 2012 chief executive Chris Cummings commented that a FTT would hinder growth, increase costs for consumers and hit pension savers. It would not result in an increased 'tax take' for governments because hedge funds would look elsewhere to invest:

A FTT will hinder UK and European competitiveness at a time when we need to do all we can to stimulate economic growth. The lion’s share of independent analysis shows that a FTT would increase costs for both industry and consumers, without adding to the tax take.
If we’re not careful, we’re in real danger of creating a 'lose-lose' situation: the public finds their weekly shopping more expensive and their pensions lower – and the politicians won't have the extra tax income they were banking on. When Sweden introduced a similar tax in the 1980’s, bond trading became so expensive that virtually all the business flowed elsewhere.
Ultimately industry and policymakers need to work together to protect European competitiveness. A FTT risks penalising savers, undermining industry and reducing the European tax take – a result that is in no-one’s best interest.” [4]

People

Leadership team

[5]

Board

Lobbying agencies

External resources

Contact

Address:65a Basinghall Street, London, EC2V 5DZ
Phone:020 7776 8970.
Email:info@thecityuk.com
Website:http://www.thecityuk.com/

Notes

  1. ↑ 1.0 1.1 1.2 1.3 About TheCityUK, TheCityUK website, accessed 24 March 2011
  2. ↑ UK Fin Group Wages US Trade Salvo, 8 Sept 2017
  3. ↑ 3.0 3.1 3.2 SpinWatch, Doing God’s Work: How Goldman Sachs Rigs the Game - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. Published on Scribd, March 2011. p8.
  4. ↑ FTT will increase costs and restrict growth, press release published 15/02/2012, acc 14 March 2012
  5. ↑ CityUK Leadership Team, acc 14 March 2012
  6. ↑ Register 1st September 2014 - 30th November 2014 APPC, accessed 29 January 2015
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