The Square Mile: a financial powerhouse in the modern world.
The City of London - not to be confused with London the capital - is an extraordinary place. Originally a walled city built by the Romans and used as a trade centre,' the City', as it's often referred to today, is where London began. Over the years Greater London has expanded from it to form the great metropolis it is today.
The old city covered an area of roughly one square mile and was surrounded by an eighteen foot high wall and a moat. The walls disappeared many years ago but this area is now one of the major financial centres of the world, full of international banks and businesses, and colloquially referred to as 'The Square Mile'. A trading powerhouse and home to more than 500 financial institutions, the Square Mile is said to have more Japanese banks than Tokyo and more American ones than New York. In 2008, London was ranked number one in the Worldwide Centres of Commercial Index.
Some 330,000 people work there, primarily in the financial services sector, but it also has a resident population of around 10,000. The Square Mile even has its own police force - The City of London Police - which is the smallest police force in England and Wales, both in terms of geographic area and the number of police officers is employs. The rest of London is policed by the Metropolitan Police Service.
The City is the UK's financial heart and a critical part of the country's economy, contributing to about 4% of the country's gross national product. It competes with New York as the financial capital of the world and many institutions have their headquarters there. It's also home to the Bank of England, Lloyds of London and the London Stock Exchange.
There's more to the Square Mile than just stocks and shares though. It's a place where you'll find ancient masterpieces such as St Paul's Cathedral sitting side by side with the futuristic glass and metal Gherkin building. It features over 2,000 years of history - from the remains of its Roman walls to modern iconic structures such as the Lloyd's Building.
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's status, however, and the Square Mile continues to be a frontrunner in the international business world.
The old city covered an area of roughly one square mile and was surrounded by an eighteen foot high wall and a moat. The walls disappeared many years ago but this area is now one of the major financial centres of the world, full of international banks and businesses, and colloquially referred to as 'The Square Mile'. A trading powerhouse and home to more than 500 financial institutions, the Square Mile is said to have more Japanese banks than Tokyo and more American ones than New York. In 2008, London was ranked number one in the Worldwide Centres of Commercial Index.
Some 330,000 people work there, primarily in the financial services sector, but it also has a resident population of around 10,000. The Square Mile even has its own police force - The City of London Police - which is the smallest police force in England and Wales, both in terms of geographic area and the number of police officers is employs. The rest of London is policed by the Metropolitan Police Service.
The City is the UK's financial heart and a critical part of the country's economy, contributing to about 4% of the country's gross national product. It competes with New York as the financial capital of the world and many institutions have their headquarters there. It's also home to the Bank of England, Lloyds of London and the London Stock Exchange.
There's more to the Square Mile than just stocks and shares though. It's a place where you'll find ancient masterpieces such as St Paul's Cathedral sitting side by side with the futuristic glass and metal Gherkin building. It features over 2,000 years of history - from the remains of its Roman walls to modern iconic structures such as the Lloyd's Building.
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's status, however, and the Square Mile continues to be a frontrunner in the international business world.