City of London

• 1. Roman Foundations And Early History

  ›

  The Roman legions established a settlement known as Londinium on the current site of the City of London around AD 43. Its bridge over the River Thames turned the city into a road nexus and major port, serving as a major commercial centre in Roman Britain until its abandonment during the 5th century. Archaeologist Leslie Wallace notes that because extensive archaeological excavation has not revealed any signs of a significant pre-Roman presence, arguments for a purely Roman foundation of London are now common and uncontroversial. At its height, the Roman city had a population of approximately 45,000 to 60,000 inhabitants. Londinium was an ethnically diverse city with inhabitants from across the Roman Empire including natives of Britannia, continental Europe, the Middle East, and North Africa. The Romans built the London Wall some time between AD 190 and 225. The boundaries of the Roman city were similar to those of the City of London today though the City extends further west than Londinium's Ludgate. The Thames was undredged and thus wider than it is today with Londinium's shoreline slightly north of the City's present shoreline. The Romans built a bridge across the river as early as AD 50 near to today's London Bridge. By the time the London Wall was constructed the City's fortunes were in decline and it faced problems of plague and fire. The Roman Empire entered a long period of instability and decline including the Carausian Revolt in Britain. In the 3rd and 4th centuries the City was under attack from Picts Scots and Saxon raiders. The decline continued both for Londinium and the Empire and in AD 410 the Romans withdrew entirely from Britain. Many of the Roman public buildings in Londinium by this time had fallen into decay and disuse and gradually after the formal withdrawal the City became almost if not at times entirely uninhabited. The centre of trade and population moved away from the walled Londinium to Lundenwic a settlement to the west roughly in the modern-day Strand Aldwych Covent Garden area.

• 2. Medieval Governance And Expansion

  ›

  Following the Battle of Hastings William the Conqueror marched on London reaching as far as Southwark but failed to get across London Bridge or defeat the Londoners. He eventually crossed the River Thames at Wallingford pillaging the land as he went. Rather than continuing the war Edgar the Aetheling Edwin of Mercia and Morcar of Northumbria surrendered at Berkhamsted. William granted the citizens of London a charter in 1075; the city was one of a few examples of the English retaining some authority. The city was not covered by the Domesday Book. William built three castles around the city to keep Londoners subdued: Tower of London which is still a major establishment, Baynard's Castle which no longer exists but gave its name to a city ward, and Montfichet's Tower or Castle on Ludgate Hill which was dismantled and sold off in the 13th century. Around 1132 the City was given the right to appoint its own sheriffs rather than having sheriffs appointed by the monarch. London's chosen sheriffs also served as the sheriffs for the county of Middlesex. This meant that the City and Middlesex were regarded as one administratively for addressing crime and keeping the peace. London's sheriffs continued to serve Middlesex until the county was given its own sheriffs again following the Local Government Act 1888. By 1141 the whole body of the citizenry was considered to constitute a single community. This commune was the origin of the City of London Corporation and the citizens gained the right to appoint with the king's consent a mayor in 1189 and to directly elect the mayor from 1215. From medieval times the City has been composed of 25 ancient wards each headed by an alderman who chairs Wardmotes which still take place at least annually. A Folkmoot for the whole of the City held at the outdoor cross of St Paul's Cathedral was formerly also held. Many of the medieval offices and traditions continue to the present day demonstrating the unique nature of the City and its Corporation. In 1381 the Peasants' Revolt affected London. The rebels took the City and the Tower of London but the rebellion ended after its leader Wat Tyler was killed during a confrontation that included Lord Mayor William Walworth. In 1450 rebel forces again occupied the City during Jack Cade's Rebellion before being ousted by London citizens following a bloody battle on London Bridge. In 1550 the area south of London Bridge in Southwark came under the control of the City with the establishment of the ward of Bridge Without.

• 3. Modern Financial Dominance

  ›

  In the late 16th century London increasingly became a major centre for banking international trade and commerce. The Royal Exchange was founded in 1565 by Sir Thomas Gresham as a centre of commerce for London's merchants and gained Royal patronage in 1571. Although no longer used for its original purpose its location at the corner of Cornhill and Threadneedle Street continues to be the geographical centre of the city's core of banking and financial services with the Bank of England moving to its present site in 1734 opposite the Royal Exchange. Immediately to the south of Cornhill Lombard Street was the location from 1691 of Lloyd's Coffee House which became the world-leading insurance market. London's insurance sector continues to be based in the area particularly in Lime Street. In 1708 Christopher Wren's masterpiece St Paul's Cathedral was completed on his birthday. The first service had been held on the 2nd of December 1697 more than 10 years earlier. It replaced the original St Paul's which had been completely destroyed in the Great Fire of London and is considered to be one of the finest cathedrals in Britain and a fine example of Baroque architecture. The City of London vies with New York City's Lower Manhattan for the distinction of the world's pre-eminent financial centre. 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.

• 4. Unique Electoral System

  ›

  The City has a unique electoral system. Most of its voters are representatives of businesses and other bodies that occupy premises in the city. Its ancient wards have very unequal numbers of voters. In elections both the businesses based in the city and the residents of the City vote. The City of London Corporation was not reformed by the Municipal Corporations Act 1835 because it had a more extensive electoral franchise than any other borough or city; in fact it widened this further with its own equivalent legislation allowing one to become a freeman without being a liveryman. In 1851 the city had a population of 127,869 but increasing development of the city as a central business district led to this falling to 26,923 in 1901 and to 5,234 in 1951. It has risen slightly to around 9,000 since largely due to the development of the Barbican Estate. In 2009 the business vote was about 24,000 greatly exceeding residential voters. As the City of London Corporation has not been affected by other municipal legislation over the period of time since then its electoral practice has become increasingly anomalous. Uniquely for city or borough elections its elections remain independent-dominated. The business or non-residential vote was abolished in other UK local council elections by the Representation of the People Act 1969 but was preserved in the City of London. The principal reason given by successive UK governments for retaining this mechanism for giving businesses representation is that the City is 'primarily a place for doing business'. About 330,000 non-residents constitute the day-time population and use most of its services far outnumbering residents who number around 7,000 (2011). By contrast opponents of the retention of the business vote argue that it is a cause of institutional inertia. The City of London Ward Elections Act 2002 reformed the voting system and greatly increased the business franchise allowing many more businesses to be represented. Under the new system the number of non-resident voters has doubled from 16,000 to 32,000. Previously disenfranchised firms and other organisations are entitled to nominate voters in addition to those already represented and all such bodies are now required to choose their voters in a representative fashion. Bodies employing fewer than 10 people may appoint one voter; those employing 10 to 50 people one voter for every five employees; those employing more than 50 people 10 voters and one additional voter for each 50 employees beyond the first 50.

• 5. Architectural Evolution And Landmarks

  ›

  Fire bombing and post-World War II redevelopment have meant that the city despite its history has fewer intact historic structures than one might expect. Nonetheless there remain many dozens of mostly Victorian and Edwardian fine buildings typically in historicist and neoclassical style. They include the Monument to the Great Fire of London 'the Monument', St Paul's Cathedral the Guildhall the Royal Exchange Dr Johnson's House Mansion House and a great many churches many designed by Sir Christopher Wren who also designed St Paul's. Prince Henry's Room and 2 King's Bench Walk are notable historic survivors of heavy bombing of the Temple area which has largely been rebuilt to its historic form. Another example of a bomb-damaged place having been restored is Staple Inn on Holborn. A few small sections of the Roman London Wall exist for example near the Tower of London and in the Barbican area. Among the twentieth-century listed buildings are Bracken House the first post World War II buildings in the country to be given statutory protection and the whole of the Barbican and Golden Lane Estate. The Tower of London is not in the city but is a notable visitor attraction which brings tourists to the southeast of the city. Other landmark buildings with historical significance include the Bank of England the Old Bailey the Custom House Smithfield Market Leadenhall Market and St Bartholomew's Hospital. Noteworthy contemporary buildings include a number of modern high-rise buildings as well as the Lloyd's building. In 1970s saw the construction of tall office buildings including the 600-foot 183 m 47-storey NatWest Tower the first skyscraper in the UK. By the 2010s office space development had intensified in the City especially in the central northern and eastern parts with skyscrapers including 30 St Mary Axe 'the Gherkin', Leadenhall Building 'the Cheesegrater', 20 Fenchurch Street 'the Walkie-Talkie', the Broadgate Tower, the Heron Tower and 22 Bishopsgate. The main residential section of the City today is the Barbican Estate constructed between 1965 and 1976.

• 6. Demographic Shifts And Transport

  ›

  The Office for National Statistics recorded the population in 2011 as 7,375; slightly higher than in the previous census 2001 and estimates the population as at mid-2016 to be 9,401. At the 2001 census the ethnic composition was 84.6% White 6.8% South Asian 2.6% Black 2.3% Mixed 2.0% Chinese and 1.7% were listed as other. The population was between 120,000 and 140,000 in the first half of the 19th century decreasing dramatically from 1851 to 1991 with a small increase between 1991 and 2001. The only notable boundary change since the first census in 1801 occurred in 1994. The city's full-time working residents have much higher gross weekly pay than in London and Great Britain England Wales and Scotland: £773.30 compared to £598.60 and £491.00 respectively. There is a large inequality of income between genders £1,085.90 in men compared to £653.50 in women and this can be explained by job type and length of employment respectively. The 2001 Census showed the city as a unique district amongst 376 districts surveyed in England and Wales. The city had the highest proportional population increase one-person households people with qualifications at degree level or higher and the highest indications of overcrowding. It recorded the lowest proportion of households with cars or vans people who travel to work by car married couple households and the lowest average household size: just 1.58 people. It also ranked highest within the Greater London area for the percentage of people with no religion and people who are employed. Seven London Underground lines serve the city; the underground stations include Aldgate Bank and Monument Barbican Blackfriars Cannon Street Chancery Lane Liverpool Street Mansion House Moorgate St Paul's. In addition Aldgate East Farringdon Temple and Tower Hill tube stations are all situated within metres of the City of London boundary. The Docklands Light Railway DLR has two termini in the city: Bank and Tower Gateway. The Elizabeth line constructed by the Crossrail project runs east-west underneath the City of London. The line serves two stations in or very near the City , Farringdon and Liverpool Street which additionally serves the Barbican and Moorgate areas.