City of London, Greater London, England, United Kingdom

🏴󠁧󠁢󠁥󠁮󠁧󠁿 The City of London is a city, ceremonial county and local government district that contains the historic centre and the primary central business district of London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the modern city named London has since grown far beyond the City of London boundary. The city is now only a tiny part of the metropolis of London, though it remains a notable part of central London. Administratively, it forms one of the 33 local authority districts of London; however, the City of London is not a London borough, a status reserved for the other 32 districts. It is also a separate ceremonial county, being an enclave surrounded by Greater London, and is the smallest ceremonial county in England.

The City of London is known colloquially as the Square Mile, as it is 1.12 sq mi (716.80 acres; 2.90 km²) in area. Both the terms the City and the Square Mile are often used as metonyms for the UK's trading and financial services industries, which continue a notable history of being largely based in the City. The name London is now ordinarily used for a far wider area than just the City. London most often denotes the sprawling London metropolis, or the 32 Greater London boroughs, in addition to the City of London itself.

The local authority for the City, namely the City of London Corporation, is unique in the UK and has some unusual responsibilities for a local council, such as being the police authority. It is also unusual in having responsibilities and ownerships beyond its boundaries. The corporation is headed by the Lord Mayor of the City of London (an office separate from, and much older than, the Mayor of London). The Lord Mayor, as of November 2023, is Michael Mainelli. The City is made up of 25 wards, with administration at the historic Guildhall. Other historic sites include St Paul's Cathedral, Royal Exchange, Mansion House, Old Bailey, and Smithfield Market. Although not within the City, the adjacent Tower of London, built to dominate the City, is part of its old defensive perimeter. The City has responsibility for five bridges in its capacity as trustee of the Bridge House Estates: Blackfriars Bridge, Millennium Bridge, Southwark Bridge, London Bridge and Tower Bridge.

The City is a major business and financial centre, with both the Bank of England and the London Stock Exchange based in the City. Throughout the 19th century, the City was the world's primary business centre, and it continues to be a major meeting point for businesses. London came second (after New York) in the Global Financial Centres Index, published in 2022. The insurance industry is located in the eastern side of the city, around Lloyd's building. Since about the 1980s, a secondary financial district has existed outside the city, at Canary Wharf, 2.5 miles (4 km) to the east. The legal profession forms a major component of the northern and western sides of the City, especially in the Temple and Chancery Lane areas where the Inns of Court are located, of which two—Inner Temple and Middle Temple—fall within the City of London boundary.

The City has a small resident population but over 500,000 are employed there (as of 2019) and some estimates put the number of workers in the City to be over 1 million. About three-quarters of the jobs in the City of London are in the financial, professional, and associated business services sectors.

Economy The City of London vies with New York City's Downtown Manhattan as the financial capital of the world. The London Stock Exchange (shares and bonds), Lloyd's of London (insurance) and the Bank of England are all based in the city. Over 500 banks have offices in the city. The Alternative Investment Market, a market for trades in equities of smaller firms, is a recent development. In 2009, the City of London accounted for 2.4% of UK GDP.

London's foreign exchange market has been described by Reuters as 'the crown jewel of London's financial sector'. Of the $3.98 trillion daily global turnover, as measured in 2009, trading in London accounted for around $1.85 trillion, or 46.7% of the total. The pound sterling, the currency of the United Kingdom, is globally the fourth-most traded currency and the fourth most held reserve currency.

Canary Wharf, a few miles east of the City in Tower Hamlets, which houses many banks and other institutions formerly located in the Square Mile, has since 1991 become another centre for London's financial services industry. Although growth has continued in both locations,[ambiguous] and there have been relocations in both directions, the Corporation has come to realise that its planning policies may have been causing financial firms to choose Canary Wharf as a location.

In 2022, 12.3% of City of London residents had been granted non-domicile status in order to avoid their paying tax in the UK.

Headquarters Many major global companies have their headquarters in the city, including Aviva, BT Group, Lloyds Banking Group, Quilter, Prudential, Schroders, Standard Chartered, and Unilever.

A number of the world's largest law firms are headquartered in the city, including four of the "Magic Circle" law firms (Allen & Overy, Freshfields Bruckhaus Deringer, Linklaters and Slaughter & May), as well as other firms such as Ashurst LLP, DLA Piper, Eversheds Sutherland, Herbert Smith Freehills and Hogan Lovells.

Other sectors Whilst the financial sector, and related businesses and institutions, continue to dominate, the economy is not limited to that sector. The legal profession has a strong presence, especially in the west and north (i.e., towards the Inns of Court). Retail businesses were once important, but have gradually moved to the West End of London, though it is now Corporation policy to encourage retailing in some locations, for example at Cheapside near St Paul's. The city has a number of visitor attractions, mainly based on its historic heritage as well as the Barbican Centre and adjacent Museum of London, though tourism is not at present a major contributor to the city's economy or character. The city has many pubs, bars and restaurants, and the "night-time" economy does feature in the Bishopsgate area, towards Shoreditch. The meat market at Smithfield, wholly within the city, continues to be one of London's main markets (the only one remaining in central London) and the country's largest meat market. In the east is Leadenhall Market, a fresh food market that is also a visitor attraction.

Retail and residential The trend for purely office development is beginning to reverse as the Corporation encourages residential use, albeit with development occurring when it arises on windfall sites. The city has a target of 90 additional dwellings per year. Some of the extra accommodation is in small pre-World War II listed buildings, which are not suitable for occupation by the large companies which now provide much of the city's employment. Recent residential developments include "the Heron", a high-rise residential building on the Milton Court site adjacent to the Barbican, and the Heron Plaza development on Bishopsgate is also expected to include residential parts.

Since the 1990s, the City has diversified away from near exclusive office use in other ways. For example, several hotels and the first department store opened in the 2000s. A shopping centre was more recently opened at One New Change, Cheapside (near St Paul's Cathedral) in October 2010, which is open seven days a week. However, large sections remain quiet at weekends, especially in the eastern section, and it is quite common to find shops, pubs and cafes closed on these days.