If you have ever visited London, you may have heard of the City of London, also known as the Square Mile. It is the historical and financial heart of London and home to some of the world’s largest banks and financial institutions.
But have you ever wondered who owns this part of the city Is it owned by the government or is it privately owned Let’s explore this question in more detail.
What is the City of London
The City of London is a small area within Greater London, covering only 1.12 square miles. It has a population of just over 8,000 people but during weekdays its population swells to around 400,000 as people come to work in its numerous offices. The City has its own local government, known as the City of London Corporation, which has existed since medieval times.
The City Corporation
The City Corporation is responsible for managing the affairs of the City of London and ensuring that it remains a thriving commercial center. It provides various services such as waste disposal, road maintenance, and planning permissions for new developments. The Corporation also has its own police force, known as the City of London Police.
Ownership
The question remains: who owns the land in the City of London The answer is not straightforward. While most land in England and Wales is owned by either private individuals or by public bodies such as local councils or central government departments, much of the land in the City belongs to a number of livery companies.
Livery Companies
Livery companies are trade associations that were established during medieval times to regulate trades such as goldsmithing or cloth-making. Over time they became powerful organizations with significant wealth and influence. Today there are over 100 livery companies in existence and many own property within the City of London.
The Crown
In addition to the livery companies, some land in the City is owned by the Crown Estate, which is a public body that manages property belonging to the British monarch. The Crown Estate owns much of the land around the country, including large swathes of central London.
Conclusion
So, is the City of London privately owned The answer is that it’s a complicated mix of private and public ownership.
While some land within the City belongs to private individuals and corporations, much of it is owned by livery companies and the Crown Estate. The City Corporation manages these various interests to ensure that the Square Mile remains a vibrant commercial center and an important part of London’s history.
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