July 10, 2012 / 12:27 AM / 7 years ago

London's financial lobby machine sways policies - report

LONDON (Reuters) - The British financial services industry spent 92 million pounds last year lobbying politicians and regulators, helping to sway important policy decisions, the Guardian reported on Tuesday.

Political donations by firms and individuals connected to the City of London contributed 6.11 million pounds in 2011 to the Conservative, Labour and Lib Dem parties, the newspaper reported, citing the findings of an investigation by the Bureau of Investigative Journalism.

The City’s lobbying machine helped to win important policy changes, such as the slashing of corporation tax and taxes on banks’ overseas subsidiaries. The reform will save the finance industry billions, according to the Guardian.

Other changes won include the quashing of government plans for a new corporate super-watchdog to police quoted companies, the article said.

Pressure is mounting for a root-and-branch reform of Britain’s financial industry in response to the Barclays rate-fixing scandal.

Reporting by Stephen Mangan

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