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CORPORATION REVEALS SECRET OF SUCCESS IN WOOING 'NEW' LABOUR

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Michael Cassidy, chair of the Corporation of London's policy and resources committee, writing in The London Financi...
Michael Cassidy, chair of the Corporation of London's policy and resources committee, writing in The London Financial News (p5), explains why Labour has changed its attitude to the future survival of the authority.

'New Labour clearly recognises the unique circumstances of one of Britain's greatest postwar success stories, the City of London. A staggering £600m a year of business rates come from this vital area. By far the greater part is being redistributed across the country through the mechanism of local authority grants.'

Add to that a unique range of services which would be difficult for any one borough to manage, such as Hampstead Heath, an ability to tap into private and ancient charitable funds, and the post of Lord Mayor which is uniquely equipped to take the City's message around the world.

These reasons and others, explain why the City has 'impressed among others, those formulating policy in the Labour Party.'
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