Green Party MEP for London Jean Lambert is calling for the “medieval” City of London Corporation to be abolished.
The City of London is the only local authority in the country to let companies vote in local elections, in proportion to their number of employees, alongside residents. Firms get one vote for every five workers up to 50 and an additional vote for every 50 after that. About 7,300 people live in the City with 350,000 commuting in each day.
She cites this and the century’s old post of City Remembrancer as “anti-democratic”. The Remembrancer has a seat in the House of Commons next to the speaker and has special privileges in viewing legislation as it is drafted.
Lambert says: “The City of London is a mediaeval institution and it helps protect many of the banks and finance houses that have driven the latest worldwide economic meltdown. Abolishing this anti-democratic symbol of all that has gone wrong with banking in the UK is a useful place to start. We need to ensure the banks are motivated by what is good for society and the environment not just their bottom line.”
The City of London Corporation refused to comment on Lambert’s proposal.