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From the City of London wiki: In December 2012, following criticism that it was insufficiently transparent about its finances, the City of London Corporation r
by ofou 2y ago
From the City of London wiki:
In December 2012, following criticism that it was insufficiently transparent about its finances, the City of London Corporation revealed that its "City's Cash" account – an endowment fund built up over the past 800 years that it says is used "for the benefit of London as a whole"[51] – holds more than £1.3bn. As of March 2016, it had net assets of £2.3bn.[52] The fund collects money made from the corporation's property and investment earnings.[53]
- quietbritishjim 2y ago£2bn actually doesn't sound that enormous for this sort of organisation. Especially since... > Initially the Corporation had planned to move both markets as well as New Spitalfields in Leyton to a £1bn purpose-built site in Dagenham, however this was dropped earlier this month over cost concerns as the council had already spent £308m purchasing and remediating the site in Dagenham. They were going to spend half their entire endowment on this! And, regardless of whether you have the money to spare, £1bn is an absolutely colossal amount to spend on a market (even a large and very historic one). It just makes no financial sense at all.