Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The sheer expense and manpower of the City's lobbying operation targeted at Government and regulators was exposed last night by an investigation showing £92.8m was spent by the financial sector last year, achieving several controversial policy coups for the industry.
The findings by the Bureau of Investigative Journalism (TBIJ) showed that 129 organisations are involved in lobbying for banks and other financial institutions, employing at least 800 people working in law firms, consultancies, industry bodies and the banks themselves.
Among the significant developments credited to this campaign were the cutting of the UK's corporation tax in Britain and duties on banks' overseas divisions, which TBIJ claim will save the sector – and deprive the Treasury – of billions of pounds.
The investigation also pointed to the "neutering of a national not-for-profit pension scheme launching in October that was supposed to benefit millions of low-paid and temporary workers" and the "killing of Government plans for a new corporate super-watchdog to police quoted companies".
The City of London Corporation, which makes no effort to disguise its trumpeting of financial interests, was implicated together with the British Bankers' Association and the Association of British Insurers.
The Business Secretary Vince Cable said of the revelations: "I do worry that Britain's financial sector, particularly the banks – as opposed to more successful and less problematic financial services like insurance – are too dominant and too easily assumed to represent the national interest."
He added: "We need smaller banks and more competitive banking focused on supplying credit to British business. Yet there has been strong resistance to bank reform."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments