Bloomberg pays roughly £100,000 a year to the City of London Police to patrol its iconic London headquarters, City A.M. has learned.
The news and data giant struck a deal with the police force back in August 2019 to provide “an enhanced community policing service within the vicinity of the Bloomberg building and the surrounding area”, according to a response to a freedom of information request filed by City A.M.
It added, however, that the service is “not limited to” that area.
While the firm paid around £90,000 for the 2020/21 and 2021/22 financial years, that amount increased to around £100,000 for the year 2022/23, according to the force’s response.
Both Bloomberg and the police force confirmed the arrangement is ongoing.
News of this funding deal has raised questions about whether police forces like the City of London Police are being adequately funded to carry out their work.
“While there may be arguments to increase funding for bobbies on the beat, there are questions as to whether it should be resourced through partnerships with the private sector,” Steve Goodrich, head of research and investigations at Transparency International UK, told City A.M.
“Accepting contributions from companies risks directing operational resources based on who’s willing to chip in rather than where there’s a public need,” he added.
But the City of London Police and Bloomberg defended the “longstanding partnership”.
“This police services agreement has fostered a sense of safety in the surrounding area, enhancing the experience for Bloomberg employees, as well as the millions of commuters and residents who frequent the City each week,” chief superintendent Rob Atkin told City A.M.
“Comparable to the provision of police services at private events like music concerts and football matches, this partnership delivers tangible benefits to the broader public where police personnel are dedicated exclusively to their duties,” he added.
A Bloomberg spokesperson said: “Our support provides an additional officer to help patrol one of the busiest areas of the City, including Bank and Cannon Street stations, Mansion House, as well as the many local restaurants, businesses and offices in the vicinity.