When it comes to The City of London, the term ‘tax haven’ is not describing all that it should. It doesn’t just shield the mega-wealthy from paying their fair dues it goes further and offers a departure from the rule of law as you would know it. Secrecy is its raison d’être. These secrecy laws do not benefit the local people living in its jurisdiction but only those individuals and corporations with enough money and with something to hide.
The reality is that the City of London caters for those above the law, it operates on the basis of bypassing democratic society as a whole. This has come about over time where an extraordinary ‘gentlemens agreement’ has stood the test of time. The head of state and his/her governments have the need of large loans for wars and the like, the City, in exchange for such commodity has extracted certain privileges the rest of the population do not enjoy. The end result over the centuries is that it now has its own financial jurisdiction to do pretty much as it pleases.