The secret power behind the City of London

Who really governs Britain? In this video, I explore the hidden political power of the City of London Corporation and the offshore finance network linked to it. Most people have heard of the City of London, but very few understand that it operates under a unique constitutional structure unlike anything else in the UK. Businesses vote in its elections. It has its own police force. It enjoys extraordinary political access. And it acts globally on behalf of finance capital. I argue that the City lies at the centre of the global tax haven system connecting London to Jersey, Guernsey, Cayman, Bermuda, Gibraltar, the British Virgin Islands, and more. Together, these places create a network designed to protect wealth from taxation, regulation, and democratic accountability. This matters because governments increasingly behave as though the financial sector has veto power over democratic choice. Policies are shaped around “market confidence” rather than public well-being. I also discuss the reforms required if democracy is to regain control over finance, including transparency, beneficial ownership registers, public reporting, sanctions on secrecy jurisdictions, and the abolition of corporate voting rights within the City itself. The question is simple: should finance govern democracy, or should democracy govern finance? Let us know your thoughts by voting in our poll:    • Post   TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2... HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurp... OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION:    • Welcome to my channel - Richard J Murphy -...   PLAYLISTS: The Wealth Series    • The Wealth Series   Ecenomics    • Ecenomics   Britain    • Britain   Tax    • Tax   MMT    • MMT   Money    • Money   Climate Change    • Climate Change   USA    • America and Trump   Labour    • Playlist   The Trump Administration    • Playlist   #richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #CityOfLondon #CityOfLondonCorporation #TaxHavens #OffshoreFinance #UKPolitics #FinancialPower #EconomicJustice #TaxJustice #BritishPolitics #Democracy #Offshore #FinanceSector #CorporatePower #WealthInequality #PoliticalEconomy #Transparency #TaxAvoidance #FinancialSystem #Capitalism #EconomicReform #Banking #PublicPolicy #CorporateGovernance #LondonFinance #GlobalFinance #Neoliberalism #EconomicAnalysis #TaxAbuse #UKEconomy #PoliticalAnalysis