BANKS' SPEND Pounds 92million ON LOBBYING MPs; COST OF BID TO INFLUENCE POLICY EXPOSED Fresh Call to Rein in Industry Follows Rise of Powerbrokers

Daily Record (Glasgow, Scotland), July 12, 2012 | Go to article overview

BANKS' SPEND Pounds 92million ON LOBBYING MPs; COST OF BID TO INFLUENCE POLICY EXPOSED Fresh Call to Rein in Industry Follows Rise of Powerbrokers


Byline: Torcuil Crichton

BRITAIN'S banks and finance industry spent pounds 92.8million lobbying the Westminster government last year.

The revelations on the size and scale of Britain's financial lobby have led to fresh calls to rein in the industry.

The activities of public affairs firms on behalf of banks and financial companies has never been quantified - until now.

But a four-month study by the Bureau of Investigative Journalism showed that 129 British organisations linked with financial services are trying to steer government policy.

They spent a total of pounds 92.8million and directly employ more than 800 individuals.

The extent of the City lobbying operation was highlighted when the bailed-out Royal Bank of Scotland spent an estimated pounds 592,000 employing staff to lobby the Government - who own 83 per cent of the bank.

Many of the organisations that hire lobbyists are based outside the UK.

The Cayman Islands tax haven hires the Scottish PR and public affairs company Media House to do its bidding in the corridors of power. Media House spent pounds 500,000 last year lobbying on behalf of financial clients.

The lobbying campaigns are credited with cutting the UK's corporation tax and duties on banks' overseas divisions - measures which deprive the Treasury of billions.

The investigation also said lobbying "killed off" Government plans for a new corporate super-watchdog to police quoted firms.

Lobbyists also persuaded ministers to "neuter" the not-for-profit pension scheme launching in October to benefit millions of low-paid workers.

The financial services lobby consists of public affairs agencies, industry bodies, law firms, management consultancies, political donors, regulators and one local authority.

The City of London Corporation, who govern the Square Mile, London's financial district, spent the most - an estimated pounds 10. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

BANKS' SPEND Pounds 92million ON LOBBYING MPs; COST OF BID TO INFLUENCE POLICY EXPOSED Fresh Call to Rein in Industry Follows Rise of Powerbrokers
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.