The House of Lords is awash with voices from the City. According to research by the Bureau, 16% of active peers benefit from links to the financial services sector.
The coalition government’s proposals to introduce a compulsory lobbying register have been dealt a severe blow after a powerful committee of MPs concluded the plan is too limited and should be scrapped.
The British financial services industry spent more than £92m last year lobbying politicians and regulators in an ‘economic war of attrition’ that has secured a string of policy victories.
Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate. Here’s a little background on the scandal.