City of London Corporation's £1.3bn in assets

The City of London Corporation has revealed for the first time how much it has in the bank.

The local council for the Square Mile holds about £1.3bn in assets.

Some of it is used to support neighbouring boroughs through education grants and the funding of open spaces, but money from the fund is also used for lobbying.

David Buik, a strategist with Cantor Index, said the City was not squirreling away money, but the Rev William Taylor from City Reform Group questions the fund's use.