TheCityUK
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This article is part of the Lobbying Portal, a sunlight project from Spinwatch. |
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]
Contents
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]
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. [2]
- “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.”[2]
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.[2]
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.” [3]
People
=Leadership team
- 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.
- Stuart Popham, Chairman previously Senior Partner at law firm Clifford Chance. He is responsible for developing TheCityUK's strategy and delivery
- Howard Miller, Director of Policy and Public Affairs
Board
- 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).[1]
- Chris Cummings
- Stuart Fraser Chairman of Policy, City of London Corporation, Chief Executive
- 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
- Andre Villeneuve Non-Executive Director, Lloyd's Franchise Board Member
- David Blitzer Senior Managing Director, The Blackstone Group Member
- Elizabeth Corley CEO, Allianz Global Investors Europe Member
- Sir Tom Harris Vice Chairman - Capital Markets, Standard Chartered Member
- John Ingamells Director, TheCityUK Member
- Sean McGovern Director & General Counsel, Lloyd's of London Member
- Harvey McGrath Chairman, Prudential Member
- Steve Perry Executive Vice President, Visa Europe Member
- Sushil Saluja Managing Partner, Accenture Member
- Nick Studer Partner,
- Oliver Wyman Member
- Jeremy Wilson Vice Chairman, Barclays Corporate Observer
- Mark Boleat Deputy Chairman of Policy, City of London Corporation Observer
- Anthony Browne Policy Director, Mayor of London Observer
- Edward Oakden Managing Director, UK Trade & Investment Observer
- Sir Stephen Wright TheCityUK
Lobbying agency
Clients
Publications, Contact, Resources and Notes
Publications
Contact
- Address:65a Basinghall Street
London EC2V 5DZ
- Phone:020 7776 8970.
- Email:info@thecityuk.com
- Website:http://www.thecityuk.com/
Resources
Notes
- ↑ 1.0 1.1 1.2 1.3 About TheCityUK, TheCityUK website, accessed 24 March 2011
- ↑ 2.0 2.1 2.2 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.
- ↑ FTT will increase costs and restrict growth, press release published 15/02/2012, acc 14 March 2012
