The City of London is a financial hub and the centre of global finance. It’s a place that attracts thousands of people all over the world to work, invest, and do business.
But who owns the City of London? This question has been asked for centuries, and the answer might surprise you.
Understanding the City of London
Before we dive into who owns the City of London, let’s first understand what it is. The City of London is a tiny area located in Central London, covering an area of approximately 1.12 square miles. Despite its small size, it’s one of the most influential places in the world.
The City is home to some famous landmarks such as St Paul’s Cathedral, The Tower Bridge, and The Bank of England. It’s also where you will find some of the world’s largest financial institutions like Barclays, HSBC, and Lloyd’s Banking Group.
The Corporation Of The City Of London
Now let’s answer that burning question – Who owns the city? Well, technically speaking – it’s not owned by anyone! The city is governed by an organization called “The Corporation Of The City Of London.”
Founded in 1067 AD by William Conqueror, this organization has been running the city ever since. It has its own mayor (known as “Lord Mayor”), its own police force (the “City Police”), its own courts (the “City Magistrates Court” and “Central Criminal Court”), and even its own flag (the “City Flag”).
The Livery Companies
The Corporation Of The City Of London comprises two main parts: The Court Of Aldermen & Common Councilmen and Livery Companies.
Livery Companies are ancient guilds that have existed since medieval times. They were originally formed to regulate trade within particular industries such as leatherworking or carpentry.
Today there are more than 100 Livery Companies, and they play a vital role in the governance of the City. They are responsible for electing the Lord Mayor, and they also provide funding for various charities and educational institutions.
The Role Of The Monarchy
Although The Corporation Of The City Of London is independent, it still has to answer to the Queen. This is because the City of London is technically a “Royal Borough.” As such, the monarch has certain ceremonial roles within the City, such as appointing the Lord Mayor and attending certain events.
Conclusion
So there you have it – no one owns The City of London! It’s governed by an organization that’s been around for over 900 years and is made up of The Court Of Aldermen & Common Councilmen and Livery Companies.
Although it may seem like an archaic system, it’s one that’s worked well for centuries. And now you know why!