Second, no doubt, Jacob relies on Magna Carta as his precedent. Clause 13 of that document, which Jacob seems to have elevated to what he thinks is its true status, makes clear that the King must at all times recall the ancient rights of The City of London when taxing (which was the King’s main economic function at the time). I am sure Jacob believe this gives Mark Carney a superior right that Mr Carney, however, wisely ignores in an era of democracy and subsequent legislation.
+ (13) The city of London shall enjoy all its ancient liberties and free customs, both by land and by water. We also will and grant that all other cities, boroughs, towns, and ports shall enjoy all their liberties and free customs.
I really don’t think that means what Ritchie thinks it means. I assume he’s been infected by the nonsense that Nick Shaxson wrote about the City.