Corbyn’s Labour make “historic wins” in City of London elections – will the Square Mile turn Democratic Socialist?

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“Historic wins for Labour in City of London elections” – Reuters

 

Jeremy Corbyn’s Labour party have won 5 seats in the City of London elections, barnstorming into prime position to become the Official Opposition in the City of London – an historic moment for the Party and the story of Socialism in Britain. The wins came on Thursday evening, and are a sign that the Labour Party under Corbyn & McDonnell are kicking the door in on the Bankers lock out in the Square Mile.

The City of London is one of the most powerful and oldest financial districts on earth. As a governing body it pre dates every single political edifice on the British Isles, and in Europe only the Catholic Church is older as an ongoing governing body. It has “olde and independent privileges” that mean not even the House of Commons can rule over them. These special rules date back to the settlement Bill the Bastard (otherwise known as William the Conqueror) made with the City of London after defeating the old Saxon hegemony and turning our islands’ ruling class Norman.

They mean that any reform of the city of London, and by extension banking in the UK must come from within the City itself. This is the first sign of making that happen in the entire history of the City of London – whose £5 billion in reserves could pay off the entire NHS deficit – twice!

This is why Westminster, and modern Greater London exist, why the laws passed in Parliament are assented to at the end of the Parliament in Norman French and why the City is a separate entity to the Greater London Authority led by Labour mayor Sadiq Khan.

So why is this historic? Well, traditionally in the Banker and Corporation dominated City of London elections, there is no Party Politics, there is simply pure vested interest..

The historic news is good for embattled leader of HM Opposition, the Democratic Socialist Jeremy Corbyn, who heads the Labour party, as he faces off against rivals in his own movement.

Labour put up 8 candidates for the Square Mile’s 100-seat lower house. They stood against Corporate lackeys, against bail out stealing bankers, the lawyers that cover them in the courts afterwards and of course the accountants who count their ill gotten gains afterwards – and the Socialists won five seats.

 

“We pledged to spend more of the area’s vast wealth on residents rather than on lobbying for financial services. I’m very proud to have played my part in a great victory for Labour in the City. This is a very special day indeed.” Richard Crossan, after being elected for Labour.

Amazingly, this now means Corbyn’s Labour party is in prime position to become the official opposition in the City of London’s government for the first time in the governing body’s centuries long history. They say they will lobby to use more of the City’s wealth, including about 5 billion pounds ($6.2 billion) in reserves, to spend on areas such as social housing and tackling air pollution rather than on promoting financial services.

Labour began contesting the City’s elections after the onset of the global financial crisis. It failed to take any seats in 2009 or 2013, only winning its first seat in a by-election three years ago. Many in the City want to fend off the entry of party politics, however, arguing that it will make it harder to make long-term decisions in the interests of Europe’s biggest financial services hub, which is home to the Bank of England and St Paul’s Cathedral.

 

“a breakthrough for the party & a challenge to the centuries-old political independence of the country’s financial district.” – Reuters

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