The
City of London
is a district of
Greater London
.
[1]
The city's boundaries have remained almost unchanged since the
Middle Ages
. Although it is now only a small part of the
metropolis
, it is a notable part of
central London
. The City holds
city status
in its own right, and is also a
ceremonial county
. Often referred to as
the City
, or the
Square Mile
, it is just over one square mile, 1.12 sq mi (2.90 km
2
) in area.
[2]
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, only a square mile, and has a very small resident population (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.
[3]
"London" now refers to Greater London, which is made up of 32
boroughs
(including the
City of Westminster
and the City of London). The city is in central
London
and is the oldest part of the city, dating back to
Roman
times. The City of London has its own mayor, the
Lord Mayor of London
, an office separate from (and much older than) the
Mayor of London
. There are other ancient features, dating back to medieval times. The city has its own police force, the
City of London Police
.
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
), the
London Metal Exchange
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
,
metals
, 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.
[4]
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: both places have grown.
The city is the site of
Roman
Londinium
, and the
archaeological
remains are on display in the
Museum of London
, City Wall.
The city has many
churches
designed by Sir
Christopher Wren
, including
St Paul's Cathedral
. The city was the site of the
Great Fire of London
in 1666.
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