City of London
|City of London
The City • Square Mile
|Motto: Domine dirige nos
Latin: Lord, guide us
|Sovereign state||United Kingdom|
|Status||sui generis, City and Ceremonial County|
|Roman settlement||c. 47 AD
|Wessex resettlement||886 AD
|• Local authority||City of London Corporation|
|• Lord Mayor||Michael Bear|
|• MP||Mark Field|
|• London Assembly||John Biggs|
|• Total||1.0 sq mi (2.6 km2)|
|Population (2005 est)|
|• Density||8,220/sq mi (3,172/km2)|
|• Ethnicity||84.4% White
6.8% South Asian
|• ONS code||00AA|
|Population Ranked 353rd|
|Time zone||GMT (UTC+0)|
|• Summer (DST)||BST (UTC+1)|
It is here in the City of London where most of the United Kingdom's financial trade is done. It is a very small area, covering only a square mile, and has a very small population too (8,000). However, many people come to work here and during the day it can be very busy, with some 300,000 people in it.
The City has its own police force, the City of London Police.
Financial markets [change]
The City vies with New York City as the financial capital of the world: many banking and insurance institutions have their headquarters there. 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, and the City is an established leader in trading in Eurobonds, foreign exchange, energy futures and global insurance. The Alternative Investment Market, a market for trades in equities of smaller firms, is a recent development. In 2008, the City of London accounted for 4% of UK GDP.
London is the world's greatest foreign exchange market, with much of the trade conducted in the City of London. Of the $3.98 trillion daily global turnover, as measured in 2007, trading in London accounted for around $1.36 trillion, or 34.1% of the total. The Pound Sterling, the currency of the United Kingdom, is globally the fourth most traded currency and the third most held reserve currency.
Since 1991 Canary Wharf, a few miles east of the City in Tower Hamlets, has become a second centre for London's financial services industry and houses many banks and other institutions formerly located in the Square Mile. This development does not appear to have damaged the City: growth has continued in both locations.
- BIS Triennial Central Bank Survey, published in December 2007.
|Greater London • London • City of London|
London Boroughs: Barking and Dagenham • Barnet • Bexley • Brent • Bromley • Camden • Croydon • Ealing • Enfield • Greenwich • Hackney • Hammersmith and Fulham • Haringey • Harrow • Havering • Hillingdon • Hounslow • Islington • Kensington and Chelsea • Kingston • Lambeth • Lewisham • Merton • Newham • Redbridge • Richmond • Southwark • Sutton • Tower Hamlets • Waltham Forest • Wandsworth • Westminster