Category Archives: Finance

“Governments are balancing budgets on the backs of the poor” (John Grisham) 1. State Pensions

2.6 million women born in the 1950s will ‘lose out’ because of changes to pension law: “while corporations and the richest individuals receive tax breaks”

WASPIs (Women against state pension inequality) protest outside Parliament. Their aim: to achieve fair transitional arrangements for women born in the 1950s, for whom the state pension age is being raised from 60 to 66 by 2020.Photo: WASPI Campaign/Twitter

A Bournville reader draws attention to an article in Welfare Weekly reporting the findings of a new analysis by the Labour Party which reveals that tens of thousands of Theresa May’s constituents will be adversely affected by her decision to bring forward changes to the state pension age. The state pension age for men and women will be equal at 65 at the end of 2018, before rising to 66 in 2020 and then 67 in 2028. This will then rise again to 68 between 2037 and 2039, meaning those born between 1970 and 1978 will be made to wait an extra year before becoming eligible to claim.

Data obtained by Labour from the House of Commons Library finds that nearly 37 million people in total will be affected, including 56,547 people in Theresa May’s constituency of Maidenhead. 61,753 people who are under the age of 47 will be hit by the changes in Chancellor Philip Hammond’s constituency of Runnymede and Weybridge. 59,290 people will also be affected in the Work and Pension Secretary David Gauke’s constituency of South West Hertfordshire.

A BBC video clip showed that an outline given by MP Guy Opperman (right, Work and Pensions) of government measures to assist older people back into work, including apprenticeships and retraining received a mixed reception.

Labour’s Shadow Work and Pensions Secretary, Debbie Abrahams, said: “Thanks to the Tories increasing the state pension age, 36.9m people will be forced to work longer, at the same time that evidence indicates life expectancy has stalled in some places and is reducing in others.” She called on Tory MPs to “explain to the tens of thousands of people in their constituencies why the burden of Tory austerity is being pushed on them, while corporations and the richest individuals receive tax breaks.”

Abrahams added: “Theresa May should answer her 56,547 constituents, and the 36.9m people across Britain, whose hard-earned retirements are being postponed because of her Government.”

Labour is to begin a “national state pension tour” to draw attention to how many people will be affected and voice their opposition to the policy.

 

 

 

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A Times reader emphasises the growing awareness of the imperative to eradicate ‘the frankly corrupt, hypocritical behaviour some British MPs have indulged in for decades’

Oliver Wright, policy editor for The Times, focusses only on the tip of the iceberg – the ‘revolving door’. He reports a recommendation by the public administration select committee (PASC) that ministers and civil servants should be banned from taking up lucrative private sector jobs for two years when they leave office. (The article may be read here – possible paywall.) They said that more than 600 former ministers and senior civil servants had been appointed to 1,000 business roles. The committee wants the government to impose a two-year ban on taking up jobs that relate “directly to their previous areas of policy and responsibility”.

From many instances Mr Wright singled out:

  • Lord Hague of Richmond, who now advises Teneo, an international business consultancy,
  • Sir Ed Davey, the former energy secretary, who advises a PR and lobbying company that lists EDF Energy as a client.
  • Mark Britnell (though un-named in the article), a former director-general of commissioning at the Department of Health who became global head of healthcare at KPMG, which bids for government health contracts.

There is no reference to extra ‘jobs’ done whilst MPs are in office – except from one of The Times readers who bluntly writes: “Any MP should not be able to hold any extra job outside the House of Parliament”. Constituency work and special responsibilities – if properly attended to – would occupy an MP full time.

The parliamentary decision-making process is sometimes shown, with hindsight, to have been affected by MPs’ connections with the armaments, healthcare and tobacco  industry and many companies based in tax havens.

Property interests are less well covered, but itemised two months ago in Property Week:

 

Social Investigations reports that their research into Lords’ and MPs’ connections to private healthcare through the register of interests is complete.

Below are listed a few of the key findings. Research into the Health and Social Care bill is ongoing and more facts will be added as and when they arise.

  • 225 parliamentarians have recent or present financial private healthcare connections
  • 145 Lords have recent or present financial connections to companies or individuals involved in healthcare
  • 1 in 4 Conservative Peers have recent or present financial connections to companies or individuals involved in healthcare
  • 1 in 6 Labour Peers have recent or present financial connections to companies or individuals involved in healthcare
  • 1 in 6 Crossbench Peers have recent or present financial connections to companies or individuals involved in healthcare
  • 1 in 10 Liberal Democrat Peers have recent or present financial connections to companies or individuals involved in healthcare
  • 75 MPs have recent or present financial links to companies or individuals involved in private healthcare
  • 81% of these are  Conservative
  • 4 Key members of the Associate Parliamentary Health Group have parliamentarians with financial connections to companies or individuals involved in healthcare.

Endnote: a Times reader comments: “When I was growing up British MPs would sneer at the corrupt goings on by politicians from various pejoratively termed ‘banana republics’ and declare that such behaviour would never be tolerated in the UK. Well, it soon became obvious that this was nonsense and the issues outlined in this June article illustrate the frankly corrupt, hypocritical behaviour our British MPs have indulged in for decades, and the higher the office they occupied the more hypocritical the behaviour – proving time and again the accuracy of the saying that power corrupts and absolute power corrupts absolutely”.

 

 

 

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Broken Britain 7: prolonged, tragic sagas: infected blood transfusions, OP poisoning and Gulf War Syndrome, denial and delay, pending death

The Haemophilia Society has blown the whistle and called for an enquiry into its own failure and that of government, pharma and clinicians. More here.

Medics and politicians knew by the mid-1970s that commercially manufactured blood products from the USA were suspect. By the mid-1980s there were warnings of a similar situation in respect of HIV. Nevertheless these products continued to be imported and used – just as OP sheep dips were.

British haemophiliacs and other victims’ lives were blighted in the 1970s and 1980s by these cheap imported US blood products, harvested from inmates and drug addicts. More than 7,000 were infected and went on unknowingly to infect family and friends. Read more in The Journal.

Last week in The Times, Margarette Driscoll recalls that in 2015, following the Penrose report into contaminated blood products in Scotland (which many victims denounced as a whitewash), David Cameron apologised to those who were infected by HIV and hepatitis C.

Weasel words

References to “compensation” have been changed to “payments” – to avoid admitting the liability which is already common knowledge? The sums received by victims of the contaminated blood scandal are known as ex gratia payments.

In April, as he left the Commons, the former health secretary Andy Burnham declared there had been a “criminal cover-up on an industrial scale in the NHS” over contaminated blood and called for a Hillsborough-style inquiry.

Diana Johnson, Labour MP for Kingston upon Hull North, has been campaigning on the issue since she met one of her constituents, a mild haemophiliac who was given factor VIII in 1983 to prevent excessive bleeding when he had a tooth removed in hospital. He discovered he was infected with hepatitis C in 1995, when it showed up on blood tests for an unrelated illness.

As Theresa May had set up the Hillsborough inquiry when she was home secretary, Johnson was hopeful she would do the same for contaminated blood.

May refused. Johnson requested an urgent Commons debate, which was due to be held on Tuesday. She then got the six leaders of the opposition parties — including the DUP — to sign a letter to Ms May asking for an inquiry, and this is to be set up.

Adding insult to injury? Payment to many victims of NHS blood contamination is to be cut

In March this year a scheme to pay the victims of NHS blood contamination is to be scaled back under government plans announced on Monday. Ministers believe the reforms are necessary because more people are now considered likely to develop serious health issues – and be entitled to higher payouts – pushing the programme as much as £123m over budget.

The government has proposed measures that would cut predicted costs, including limiting the availability of the higher level of financial support under the scheme

Will an enquiry compensate the victims of this NHS for the cuts?

 

 

 

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Admirable politician – 11: working for the common good, Ketumile Masire,1925-2017

Following our tenth entry: MP Andrew Gwynne, who successfully introduced the Debt Relief (Developing Countries) Act and worked long and hard to get justice for those who received contaminated blood through the NHS, we turn to Botswana, after reading an obituary by Emily Langer in the Independent. Her subject was Ketumile Masire – a statesman who described himself as ‘a farmer who has been drawn into politics’. 

A summary with added links and photographs

Masire herded cattle before enrolling in a primary school at 13 and receiving a scholarship to attend a high school in South Africa that trained many leaders of the first government of independent Botswana. When his parents died he supported his siblings, becoming a headmaster. He later earned a Master Farmers Certificate, and having saved enough money to buy a tractor and became a successful farmer.

Botswanan cattle

He served on tribal and regional councils and was a founder and secretary-general of the Botswana Democratic Party, now the country’s leading political party. He once travelled 3,000 miles of the Kalahari Desert to attend two dozen meetings over two weeks.

After serving as minister of finance and development planning and Vice President, Ketumile Masire became President of Botswana (1980-1998): roads and schools were built, healthcare improved, access to clean water expanded, farming techniques advanced and life spans extended.

The discovery of diamond reserves had transformed the country’s prospects and Masire continued to use the revenues for the public good after the death of his predecessor Seretse Khama.  

He became ‘a model leader in a model nation on a continent where poverty, corruption and violence had crushed the hopes of many for stability and prosperity’. 

After leading Botswana through a drought that persisted for much of the 1980s, he shared the Africa Prize for Leadership awarded by the Hunger Project in recognition of the food distribution efforts that helped the country avoid starvation during the crisis.

Though South Africa was Botswana’s major economic partner, Botswana opposed apartheid. “He had to walk a fine line in a really rough neighbourhood,” said Chester Crocker, a former US assistant secretary of state for African affairs. “He had to get along with everybody, without sacrificing his principles.”

After leaving office, in addition to tending the cattle on his ranch, Masire advised other African leaders and chaired an international panel that investigated the Rwandan genocide of 1994. He made important contributions to peace efforts in Congo and, more recently, Mozambique. He established a foundation which seeks to improve agriculture, governance and children’s health in the region.

He once said: “We have a saying in Botswana: A man is never strong until he says what he believes and gives other men the chance to do the same. I am proud to say without a doubt – we are a strong democracy.” 

A more chequered account of his life is given in  Wikipedia..

 

 

 

 

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Revolving Doors 39: NAO calls to order politicians supporting nuclear power

Today the National Audit Office – the public spending watchdog – recommends that the government reconsider whether more nuclear plants are needed and reproves ministers for failing to consider alternative ways of the costs of the Hinkley nuclear power plant, which could have halved the overall cost to households.

The NAO found that the case for building Hinkley Point had weakened while the government negotiated the final deal, partly because alternative low-carbon sources of power, such as wind and solar, became cheaper.

The plant is under construction in Somerset and is due to open in 2025, supplying 7% of Britain’s electricity. However, the NAO report recommends that the government produce a “plan B” to fill the gap in power generation if the project is delayed or cancelled. It notes that projects using the same reactor design in France, Finland and China “have been beset by delays and cost overruns”.

Note senior politicians or members of their families lobbying for the nuclear industry

  • Three former Labour Energy Ministers (John Hutton, Helen Liddell, Brian Wilson)
  • Gordon Brown’s brother worked as head lobbyist for EDF
  • Jack Cunningham chaired Transatlantic Nuclear Energy Forum
  • Labour Minister Yvette Cooper’s dad was chair of nuclear lobbyists The Nuclear Industry Association.
  • Ed Davey, Lib Dem energy minister’s brother worked for a nuclear lobbyist. When failed to be re-elected went to work for the same nuclear lobbying firm as his brother.
  • Lord Clement Jones who was Nick Clegg’s General Election Party Treasurer was a nuclear industry lobbyist.
  • Tory Peer Lady Maitland is board member of nuclear lobbyist Sovereign Strategy.
  • • Bernard Ingham, Thatcher’s press spokesperson, has been nuclear lobbyist for over 25 years.
  • Tory Peer Lord Jenkin was a paid consultant to nuclear industry.
  • Tory MEP Giles Chichester is president of nuclear lobbyists EEF

Comment from a Times reader who has long held significant reservations about Corbyn and McDonnell, ”Putting aside their sixth form foreign policy, I’m just about willing to give Labour a shot. If we’re going to have somebody (botching) the public finances I’d rather they did it out of well-meaning innumeracy – with some good ideas like a National Education Service & renationalised railways . . . “

 

Other nuclear industry lobbyists including politicians, journalists, academics and lobbyists are listed here: http://powerbase.info/index.php/Category:Individuals_linked_to_the_push_for_nuclear

 

 

 

 

 

Grenfell Tower: a tragic tale of double standards – two-nation politics

On Nicky Campbell’s Radio 5 phone-in a listener described a city where – at one extreme – her care-worker son earns £17,000 a year, whilst George Osborne gets £200,000 for delivering one speech.

“In Harrods they have sprinklers to protect china dogs

Noting the lack of attention to the repeated and recorded complaints made by the Grenfell Tower residents she asserted that had they come from the affluent area of Kensington they would have been quickly addressed and added a searing afterthought: “In Harrods they have sprinklers to protect china dogs” – but as London MP Harriet Harmon noted, the government has been cutting the money to councils. If you cut money to councils, you can’t put in sprinklers

Campbell’s caller also denounced the proposals made by developers referring to the burnt tower as being a orime brownfield site, insisting that the residents should be rehoused in the same area during the rebuilding process instead of being sent to outlying areas or even different parts of the country; as they work hard in lowly paid jobs they should not also have to spend time and money travelling long distances to work.

A tale of a divided nation – and of two cities

Following a link sent by Felicity Arbuthnot we read the words of Jeremy Corbyn, (seen here with a local resident seeking a 12-year-old girl missing after the Grenfell Tower blaze): “Kensington is a tale of two cities – it is among the wealthiest parts of this country but the ward where this took place is one of the poorest”.

Like the Radio 5 caller he emphasised that residents must be re-housed, using requisition of empty properties if necessary, in the same neighbourhood, adding:

“The judge-led public inquiry must be speedy and all residents should have access to legal aid and the support they need”.

 

 

 

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Incinerators 6: FOI reveals the surprising truth about the Javelin Park incinerator contract

News of the long campaign against the proposed Javelin Park incinerator was read by many visitors to this site in 2013 and 2015.

This year, campaigners obtained a copy of the contract, after using freedom of Information rules, and the monitoring officer at Gloucestershire County Council has now been asked to investigate whether the leader and his deputy exaggerated the cost of backing out of a plan to commission a £500m waste incinerator.

A resident of the county was contacted and replied that she had read about the discovery in the Gloucester Citizen, which republished an account from Gloucestershire Live, but neither account may now be found online. A search reveals no mainstream media reference to the subject.

Public Sector Blogs drew on an account by Tim Davies, co-founder of Open Data Services Co-operative, co-director of Practical Participation, affiliate at the Harvard Berkman Center for Internet and Society:

“The claim made to council on 18th Feb 2015 that it could cost £60m – £100m to cancel the contract appears to be based on calculations from officers, and/or Ernst and Young which have not been published by the authority (perhaps another EIR or FOIA request will be needed here…). The Tribunal ruling refers in Paragraph 27 to a document from Ernst and Young presented to Cabinet in November 2015. However campaigners reading the unredacted contract cannot find the substantiation for the cancellation costs being so high before the facility is operational. It appears breakage before the plant is in operation could cost substantially less than the break-points once it is up and running – and possibly even lower than the £30m the Council has subsequently committed from reserves to cover shortfalls in the project”.

Community R4C, a community-led project promoting a circular economy in Gloucestershire, which published local media accounts of the recent discovery here, has now gone to the council’s external auditor, Grant Thornton. With the help of the Environmental Law Foundation, a case has been put together which, it believes, shows the Urbaser Balfour Beatty (UBB) contract is not value-for-money. It has also approached the Competition and Markets Authority, claiming that Gloucestershire’s contract breaks competition law.

A contributor to Private Eye magazine reports that environmental law expert Raymond Purdy, a senior fellow at Oxford University, has complained about the way Gloucestershire council leader Mark Hawthorne and deputy Ray Theodoulou presented financial details to a crucial meeting. As Tim Davies noted above, it was claimed that to opt out of the contract already signed with UBB would potentially cost £100m.

ELF elaborates: “The contract, originally signed in 2013 and then renegotiated in 2015, for the £500 million incinerator was awarded to Urbaser Balfour Beatty although details on pricing and information on termination were only made public following an Information Tribunal ruling in March this year (2017). In light of this information, and after seeking assistance from Counsel through ELF member, Duncan Sinclair of 39 Essex Chambers, R4C lodged a complaint with the CMA on 21st March that the Javelin Park contract breaches the Competition Act 1998. R4C believe that the exclusive contract is anti-competitive and prevents technological innovation, imposing a huge financial burden for years to come. They state that:

  • the price paid by GCC for waste disposal for a minimum amount is 10 times the next tranche, thereby creating ‘de facto’ exclusivity and foreclosing the market for waste treatment (including eliminating incentives to recycle/move higher up the waste hierarchy);
  • there are excessive termination costs thereby enforcing the ‘lock-in’; and
  • the 25-year contract prevents newer, cheaper and more efficient/environmentally friendly alternatives developing to the detriment of consumers in terms of not only price but also their interest in the environment (both local and more broadly).

If the complaint is upheld there would be serious consequences for Gloucestershire County Council and the residents they are elected to represent.

 

 

 

 

Labour, Conservative and Green voices call for a progressive alliance. Will it happen now or later?

An audience seriously considering the proposal

With thanks to the reader working in Uganda who sent the Hitchens link and remembering another who yesterday advocated ABC voting, ‘Anything But Conservative’.

Peter Hitchens insisted, some time ago, that a lot of people feel left out of the recovery we are supposed to be having, and they need a powerful voice in Parliament, adding:

“There is nothing good (or conservative) about low wages, insecure jobs and a mad housing market which offers nothing but cramped rooms and high rents to young families just when they need space, proper houses with gardens, and security . . .

“The truth is that both major parties have been taken over by the same cult, the Clinton-Blair fantasy that globalism, open borders and mass immigration will save the great nations of the West. It hasn’t worked. In the USA it has failed so badly that the infuriated, scorned, impoverished voters of Middle America are on the point of electing a fake-conservative yahoo businessman as President”.

Hitchens concludes that many Labour MPs have more in common with Mrs May than with Mr Corbyn and will ‘snuggle up beside her absurdly misnamed Conservative Party’.

He believes that the British public will at last see clearly that their only response is to form an alliance against the two big parties: “Impossible? Look how quickly this happened in Scotland”.

This Green House pamphlet with contributions from Molly Scott Cato MEP, Victor Anderson, Rupert Read, Jonathan Essex and Sara Parkin was written before the EU referendum and the economic and political turmoil which has followed but the authors believe its analysis and conclusions are still valid.

In her introduction, MEP Molly Scott Cato points out that a route to a more positive future offering hope to the majority of citizens is blocked by our archaic and unrepresentative electoral system which enables one party to control so much power with a minority of the votes cast. She continues:

“Our primary target is our electoral system. In the 2015 general election the Green Party received 1 million votes but only one parliamentary seat. By contrast the Scottish National Party received 1.5 million votes and 56 seats.

“This is the logic of first past the post . . . but as voters move into a multi-party future the system entrenches political stasis and blocks progressive change”. Later she cites Germany as the most striking example of a country that has benefited from Greens in power:

“Its industries are successful because Greens in government encouraged them to move into the new era of low carbon energy production before other European countries. Germany has turned its back on the nuclear age and is rapidly phasing out fossil fuels. Germany is the economy in Europe that is benefiting most from the energy transition that dangerous climate change requires of us. It is Greens in government who enabled this process”.

She, and other Green House members invite everyone who wants to see an alternative to continued Conservative government to join in the discussion about what that alternative can be.

Professor Jeremy Gilbert, in a Compass article, spells out the proposal, advocating a co-ordinated response involving every potentially progressive organisation and party in the country. He asks:

“Do you really think we can stand up to May, Murdoch and the Mail, to the City, the CBI and consumer-industrial complex all alone?

“Labour is never going to be back on 44% in the opinion polls. The electorate is too fragmented for that, and above all Labour’s electoral base is too fractured for it ever to happen again”.

(Ed: we note that the British Labour Party is already one of the parties and organisations from over 90 countries which participate in the International Progressive Alliance network of social-democratic and progressive political parties.)

Gilbert continues: “Would you rather it happen now, while the Left retains the leadership of the party, or in five or ten years time, when the Right is back in control? Would you rather have a Progressive Alliance, or an alliance of revanchist Blairites, (May)ites and ‘Orange Book’ Liberal Democrats? Because if we do not seize the initiative now, then the latter is what we are going to get, soon enough. This is going to happen sooner or later”.

 

 

 

 

Focus on cuts – 5: the poorest targetted

A reader from Bournville draws attention to an article by Jules Birch in Inside Housing, a weekly magazine for housing professionals. He focusses on a recent TV Panorama programme about the benefit cap that now leaves thousands of people with 50p a week towards their rent.

He noticed that roughly 95% of tweets with the hashtag #benefitcap (scroll down to April 7) were hostile to the people featured in the programme rather than the policy. The majority of people commenting on Twitter were seeing the undeserving individual instead: the stroppy single mother with a mobile phone and the couple with many children. He notes that exactly the same thing happened with Benefits Street, How to Get a Council House and a Dispatches documentary on the cap last month.

Part of the problem, he believes, lay with the way Panorama framed the issue. As Joe Halewood was quick to point out, the programme and its advance publicity seemed to assume that most people capped are unemployed and on Jobseeker’s Allowance, when in fact just 13% are.

The fact that the vast majority of people capped are either unable to work or not required to work was only raised tentatively halfway through the programme. Most of those capped are lone parents with young children who are not required to look for work, or people on Employment and Support Allowance who do not qualify for an exemption but are still not fit for work.

David Pipe explained the effects in a piece following the Dispatches documentary last month. 7,500 households across 370 local authority areas have lost their housing benefit and are now receiving just 50p a week to pay their rent. The cap leaves a nominal amount for housing benefit or Universal Credit once someone’s benefits total more than £20,000 (£23,000 in London). In effect it is imposed on top of the rest of the benefits system.

The latest budget highlighted cuts for the poorest 18-21-year-olds, who will no longer be entitled to help with their rent through Universal Credit from April 1.

For many, Discretionary Housing Payments (DHPs) are the only thing keeping them in their home and the effect over time will be rising rent arrears and evictions and allocations policies that make it less likely that people on benefits will get a tenancy in the first place. So where and how can the poorest people live? Even people in caravans are being capped, and what will the knock-on costs be in terms of homelessness and the impact on the children?

Meanwhile in Broken Britain, the May government continues the policies of its predecessors and makes decisions which seriously afflict the poorest and greatly benefit the richest: the arms traders, Big Pharma, the privatised utilities, large developers, car manufacturers, private health companies and expensive, inefficient outsourcers – Serco, G4s and Capita.

 

 

 

 

Murdoch press lists corporate spending on political and lobbying activities

Times journalists Alex Ralph, and Harry Wilson present and comment on material collected by the Times Data Team: Tom Wills, Ryan Watts, Kira Schacht. Links have been added by PCU’s editor to enable readers to learn more if they wish to do so.

“FTSE 100 groups, including banks, defence contractors, tobacco manufacturers and telecoms companies, have spent more than £24 million on lobbying in Brussels and about £335,000 funding all-party parliamentary groups in Westminster”.

They add: “There is no suggestion of any wrongdoing or rule-breaking by companies”.

FTSE 100 political spending (over the last two years)

The Times first focusses on All Party Parliamentary Groups (APPGs)

APPGs are run by and for Members of the Commons and Lords who join together to pursue a particular topic or interest. Many involve individuals and organisations from outside Parliament in their administration and activities – or as the journalists put it, “help to push industry agendas in parliament”. Read more here.

Unsurprisingly, BAE Systems, which spent £37,000 on a group “to promote better understanding of the Her Majesty’s armed forces in parliament”, is among the biggest backers of the parliamentary groups.

The writers comment that parliamentary groups have proved contentious because of the large amounts spent on reports that often support the views of industry and which grant access to parliament for companies and lobbyists.

BT’s £53,000 included backing the parliamentary internet, communications and technology forum, known as Pictfor, whose members include Tom Watson, the Labour deputy leader and Lord Birt, former Blair adviser and director-general of the BBC. A list of funders may be seen here.

Note: ’Donations to APPGs’ shows spending between Jan 2015 and Mar 2017 as declared on the Register of APPGs. ’Spend on EU lobbying’ shows companies’ minimum estimates for the most recent financial year declared on the EU Transparency Register at the time of research. Here is a snapshot taken from one of 10 pages listing donations/other spending and the companies’ rationales for these sums being given.

The Times’ second focus is on the denial of information to shareholders

Less than £10,000 of identified political and lobbying spending in the EU was disclosed to shareholders in the companies’ recent annual reports. ompanies are not required to disclose details to shareholders and little information on corporate political and lobbying activities is revealed in annual reports, which are published before shareholder meetings. The tens of millions of euros spent each year in the EU go largely undeclared to shareholders.

Corporate Europe, which campaigns for greater transparency in EU decision making, has spent years tracking how the business world moulds policy.

Vicky Cann, the group’s UK representative, said that the banking and energy industries were the most active lobbyists. “The financial services industry is a huge spender and even then we think the real scope of their spending is probably bigger than we can currently see,” she said. Her colleague gave the example of recent emissions legislation that was the subject of intense lobbying by BP and Shell.

As Peter van Veen, director of business integrity at Transparency International, said, “Corporate transparency over political activities is important to ensure the public can have the confidence that their politicians and industry leaders are conducting business ethically . . . If companies are not voluntarily willing to disclose their political activities and funding of these, then stronger legislation should be considered and a possible starting point may be to broaden the definition of political activities and expenditure in the Companies Act 2006.”