City of London

City of London, original and historical settlement of London, England. The centre from which London grew, it is a city within a city, located on the north bank of the River Thames, in eastern-central London. The southern boundary of the City extends along the middle of the Thames, from near to Middle Temple (in the Inns of Court) eastward to the Tower of London. To the north, the boundary extends eastward from Smithfield Market to the Liverpool Street area. The boundary of the City is marked at ten sites by distinctive statues of heraldic dragons supporting the City’s coat of arms. The City of London is administered by the Corporation of London, a unique non-political local authority, and is independent of the boroughs of Greater London that encircle it. The corporation also oversees four bridges within its jurisdiction: Southwark, Blackfriars, London, and Tower (see London’s Bridges).

Archaeological evidence found within the City suggests that the Romans founded the settlement of Londinium around ad 50 as a port, and built a bridge over the Thames (near present-day London Bridge). Londinium was sacked by the warrior queen Boudicca in ad 60, but rebuilt by the Romans some 40 years later. It became the largest city in Britain and the capital of the province of Roman Britain. By ad 200 a massive defensive wall surrounded Londinium, but after the final garrisons in Britain were recalled to Rome (around ad 450), the walled city was abandoned. The City became a Saxon possession, but, aside from the consecration of the first St Paul’s Cathedral in 604, little changed in the city until King Alfred began rebuilding work within the old walls in 886. Later the walls were rebuilt and extended and further gates added: Aldgate, Aldersgate, Bishopsgate, Cripplegate, Ludgate, Moorgate, and Newgate. In the medieval era the City was governed by sheriffs and aldermen, with its first mayor, Henry FitzAilwyn, taking office in 1189. The area and boundaries of the present City of London are broadly similar to those of the medieval city.

The Great Fire of London in 1666 destroyed approximately 60 per cent of the City—notably both St Paul’s Cathedral and the Royal Exchange burnt down. The subsequent extensive rebuilding was supervised by Sir Christopher Wren who used brick and stone in preference to wood. In 1673 the banking firm of C. Hoare and Company was founded and this, together with the establishment of the Bank of England in 1694, marked the beginnings of the city’s role as the focus of the British financial industry. Today the City is one of the world’s leading financial centres. The “Square Mile”, as the City is often called, has the greatest share of transactions and volume in many global markets, including insurance, foreign equities, maritime services, non-ferrous base metals, fund management, and foreign exchange.

Excavations in the City have uncovered countless objects of prehistoric, Roman, and medieval London. Over 1 million of these finds can be found in the collections of the Museum of London, in the Barbican Development. The City of London still maintains many traditions associated with its medieval past, such as the City guilds (the City’s livery companies) and the Lord Mayor’s Procession and Show. The City of London contains many famous buildings, including Guildhall, Mansion House, London Monument, Lloyd’s Building, and the Church of St Mary-le-Bow (with its famed Bow Bells). The city also takes in such thoroughfares as Lombard Street (the original street for bankers) and part of Fleet Street (once the centre of British newspaper journalism). Population 7,186 (2001).