Concerns have been raised over the City’s influence on Westminster, after a report found financial firms and individuals tied to the sector donated £15m to political parties and gave £2m to MPs during the pandemic.
The campaign group Positive Money tallied the gifts, expenses and donations handed to MPs, peers and their parties, as well as the value of income from politicians’ second jobs, saying it contributed to finance’s “oversized influence” on policymaking.
It found banks, insurers and lobby groups held a “disproportionate” amount of meetings with the Treasury, accounting for a third of minister meetings in 2020 and 2021, and argued that led to favourable policies, such as deregulation, and an economy that was “structurally reliant” on the City of London.
