4 Star Hotel Near Hyde Park, London: for sale

London

The City of London, widely referred to simply as the City, is a city, ceremonial county and local government district that contains the ancient centre, and constitutes, along with Canary Wharf, the primary central business district (CBD) of London and one of the leading financial centres of the world. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the modern area referred to as London has since grown far beyond the City of London boundary. The City is now only a small part of the metropolis of Greater London, though it remains a notable part of central London. The City of London is not one of the London boroughs, a status reserved for the other 32 districts (including Greater London's only other city, the City of Westminster). It is also a separate ceremonial county, being an enclave surrounded by Greater London, and is the smallest ceremonial county in England.

The City of London is known colloquially as the Square Mile, as it is 1.12 sq mi (716.80 acres; 2.90 km²) in area. Both the terms the City and the Square Mile are often used as metonyms for the UK's trading and financial services industries, which continue a notable history of being largely based in the City. The name London is now ordinarily used for a far wider area than just the City. London most often denotes the sprawling London metropolis, or the 32 Greater London boroughs, in addition to the City of London itself.

The local authority for the City, namely the City of London Corporation, is unique in the UK and has some unusual responsibilities for a local council, such as being the police authority. It is also unusual in having responsibilities and ownerships beyond its boundaries, e.g. Hampstead Heath. The corporation is headed by the Lord Mayor of the City of London (an office separate from, and much older than, the Mayor of London). The Lord Mayor, as of November 2023, is Michael Mainelli. The City is made up of 25 wards, with administration at the historic Guildhall. Other historic sites include St Paul's Cathedral, Royal Exchange, Mansion House, Old Bailey, and Smithfield Market. Although not within the City, the adjacent Tower of London, built to dominate the City, is part of its old defensive perimeter. The City has responsibility for five bridges in its capacity as trustee of the Bridge House Estates: Blackfriars Bridge, Millennium Bridge, Southwark Bridge, London Bridge and Tower Bridge.

The City is a major business and financial centre, with both the Bank of England and the London Stock Exchange based in the City. Throughout the 19th century, the City was the world's primary business centre, and it continues to be a major meeting point for businesses. London came second (after New York) in the Global Financial Centres Index, published in 2022. The insurance industry is located in the eastern side of the city, around Lloyd's building. Since about the 1980s, a secondary financial district has existed outside the city, at Canary Wharf, 2.5 miles (4 km) to the east. The legal profession forms a major component of the northern and western sides of the City, especially in the Temple and Chancery Lane areas where the Inns of Court are located, of which two—Inner Temple and Middle Temple—fall within the City of London boundary.

The City has a resident population of 8,583 based on 2021 census figures, but over 500,000 are employed there (as of 2019) and some estimates put the number of workers in the City to be over 1 million. About three-quarters of the jobs in the City of London are in the financial, professional, and associated business services sectors.

History

Origins

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 45,000–60,000 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, and 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.

Decline

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 ("London market"), a settlement to the west, roughly in the modern-day Strand/Aldwych/Covent Garden area.

Anglo-Saxon restoration

During the Anglo-Saxon Heptarchy, the London area came in turn under the Kingdoms of Essex, Mercia, and later Wessex, though from the mid 8th century it was frequently under threat from raids by different groups including the Vikings.

Bede records that in AD 604 St Augustine consecrated Mellitus as the first bishop to the Anglo-Saxon kingdom of the East Saxons and their king, Sæberht. Sæberht's uncle and overlord, Æthelberht, king of Kent, built a church dedicated to St Paul in London, as the seat of the new bishop. It is assumed, although unproven, that this first Anglo-Saxon cathedral stood on the same site as the later medieval and the present cathedrals.

Alfred the Great, King of Wessex occupied and began the resettlement of the old Roman walled area, in 886, and appointed his son-in-law Earl Æthelred of Mercia over it as part of their reconquest of the Viking occupied parts of England. The refortified Anglo-Saxon settlement was known as Lundenburh ("London Fort", a borough). The historian Asser said that "Alfred, king of the Anglo-Saxons, restored the city of London splendidly ... and made it habitable once more." Alfred's "restoration" entailed reoccupying and refurbishing the nearly deserted Roman walled city, building quays along the Thames, and laying a new city street plan.

Alfred's taking of London and the rebuilding of the old Roman city was a turning point in history, not only as the permanent establishment of the City of London, but also as part of a unifying moment in early England, with Wessex becoming the dominant English kingdom and the repelling (to some degree) of the Viking occupation and raids. While London, and indeed England, were afterwards subjected to further periods of Viking and Danish raids and occupation, the establishment of the City of London and the Kingdom of England prevailed.

In the 10th century, Athelstan permitted eight mints to be established, compared with six in his capital, Winchester, indicating the wealth of the city. London Bridge, which had fallen into ruin following the Roman evacuation and abandonment of Londinium, was rebuilt by the Saxons, but was periodically destroyed by Viking raids and storms.

As the focus of trade and population was moved back to within the old Roman walls, the older Saxon settlement of Lundenwic was largely abandoned and gained the name of Ealdwic (the "old settlement"). The name survives today as Aldwych (the "old market-place"), a name of a street and an area of the City of Westminster between Westminster and the City of London.

Medieval era

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 Ætheling, 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.
• Montfichet's Tower or Castle on Ludgate Hill, which was dismantled and sold off in the 13th century.

About 1130, Henry I granted a sheriff to the people of London, along with control of the county of Middlesex: this meant that the two entities were regarded as one administratively for addressing crime and keeping the peace (not that the county was a dependency of the city) until 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.

The city was burnt severely on a number of occasions, the worst being in 1123 and in the Great Fire of London in 1666. Both of these fires were referred to as the Great Fire. After the fire of 1666, a number of plans were drawn up to remodel the city and its street pattern into a renaissance-style city with planned urban blocks, squares and boulevards. These plans were almost entirely not taken up, and the medieval street pattern re-emerged almost intact.

Early modern period

In the 1630s the Crown sought to have the Corporation of the City of London extend its jurisdiction to surrounding areas. In what is sometimes called the "great refusal", the Corporation said no to the King, which in part accounts for its unique government structure to the present.

By 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 2 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.

Growth of London

The 18th century was a period of rapid growth for London, reflecting an increasing national population, the early stirrings of the Industrial Revolution, and London's role at the centre of the evolving British Empire. The urban area expanded beyond the borders of the City of London, most notably during this period towards the West End and Westminster.

Expansion continued and became more rapid by the beginning of the 19th century, with London growing in all directions. To the East the Port of London grew rapidly during the century, with the construction of many docks, needed as the Thames at the City could not cope with the volume of trade. The arrival of the railways and the Tube meant that London could expand over a much greater area. By the mid-19th century, with London still rapidly expanding in population and area, the City had already become only a small part of the wider metropolis.

19th and 20th centuries

An attempt was made in 1894 with the Royal Commission on the Amalgamation of the City and County of London to end the distinction between the city and the surrounding County of London, but a change of government at Westminster meant the option was not taken up. The city as a distinct polity survived despite its position within the London conurbation and numerous local government reforms. Supporting this status, the city was a special parliamentary borough that elected four members to the unreformed House of Commons, who were retained after the Reform Act 1832; reduced to two under the Redistribution of Seats Act 1885; and ceased to be a separate constituency under the Representation of the People Act 1948. Since then the city is a minority (in terms of population and area) of the Cities of London and Westminster.

The city's population fell rapidly in the 19th century and through most of the 20th century, as people moved outwards in all directions to London's vast suburbs, and many residential buildings were demolished to make way for office blocks. Like many areas of London and other British cities, the City fell victim to large scale and highly destructive aerial bombing during World War II, especially in the Blitz. Whilst St Paul's Cathedral survived the onslaught, large swathes of the area did not and the particularly heavy raids of late December 1940 led to a firestorm called the Second Great Fire of London.

There was a major rebuilding programme in the decades following the war, in some parts (such as at the Barbican) dramatically altering the urban landscape. But the destruction of the older historic fabric allowed the construction of modern and larger-scale developments, whereas in those parts not so badly affected by bomb damage the City retains its older character of smaller buildings. The street pattern, which is still largely medieval, was altered slightly in places, although there is a more recent trend of reversing some of the post-war modernist changes made, such as at Paternoster Square.

The City suffered terrorist attacks including the 1993 Bishopsgate bombing (IRA) and the 7 July 2005 London bombings (Islamist). In response to the 1993 bombing, a system of road barriers, checkpoints and surveillance cameras referred to as the "ring of steel" has been maintained to control entry points to the city.

The 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. The Museum of London was based there until March 2023 (due to reopen in West Smithfield in 2026), whilst a number of other services provided by the corporation are still maintained on the Barbican Estate.

The boundary of the City

The size of the city was constrained by a defensive perimeter wall, known as London Wall, which was built by the Romans in the late 2nd century to protect their strategic port city. However the boundaries of the City of London no longer coincide with the old city wall, as the City expanded its jurisdiction slightly over time. During the medieval era, the city's jurisdiction expanded westwards, crossing the historic western border of the original settlement—the River Fleet—along Fleet Street to Temple Bar. The city also took in the other "City bars" which were situated just beyond the old walled area, such as at Holborn, Aldersgate, West Smithfield, Bishopsgate and Aldgate. These were the important entrances to the city and their control was vital in maintaining the city's special privileges over certain trades.

Most of the wall has disappeared, but several sections remain visible. A section near the Museum of London was revealed after the devastation of an air raid on 29 December 1940 at the height of the Blitz. Other visible sections are at St Alphage, and there are two sections near the Tower of London. The River Fleet was canalised after the Great Fire of 1666 and then in stages was bricked up and has been since the 18th century one of London's "lost rivers or streams", today underground as a storm drain.

The boundary of the city was unchanged until minor boundary changes on 1 April 1994, when it expanded slightly to the west, north and east, taking small parcels of land from the London Boroughs of Westminster, Camden, Islington, Hackney and Tower Hamlets. The main purpose of these changes was to tidy up the boundary where it had been rendered obsolete by changes in the urban landscape. In this process the city also lost small parcels of land, though there was an overall net gain (the City grew from 1.05 to 1.12 square miles). Most notably, the changes placed the (then recently developed) Broadgate estate entirely in the city.

Southwark, to the south of the city on the other side of the Thames, was within the City between 1550 and 1899 as the Ward of Bridge Without, a situation connected with the Guildable Manor. The city's administrative responsibility there had in practice disappeared by the mid-Victorian period as various aspects of metropolitan government were extended into the neighbouring areas. Today it is part of the London Borough of Southwark. The Tower of London has always been outside the city and comes under the London Borough of Tower Hamlets.

Climate

The nearest weather station has historically been the London Weather Centre at Kingsway/ Holborn, although observations ceased in 2010. Now St. James Park provides the nearest official readings.

The city has an oceanic climate (Köppen "Cfb") modified by the urban heat island in the centre of London. This generally causes higher night-time minima than outlying areas. For example, the August mean minimum of 14.7 °C (58.5 °F) compares to a figure of 13.3 °C (55.9 °F) for Greenwich and Heathrow whereas is 11.6 °C (52.9 °F) at Wisley in the middle of several square miles of Metropolitan Green Belt. All figures refer to the observation period 1971–2000.

Accordingly, the weather station holds the record for the UK's warmest overnight minimum temperature, 24.0 °C (75.2 °F), recorded on 4 August 1990.The maximum is 37.6 °C (99.7 °F), set on 10 August 2003. The absolute minimum for the weather station is a mere −8.2 °C (17.2 °F), compared to readings around −15.0 °C (5.0 °F) towards the edges of London. Unusually, this temperature was during a windy and snowy cold spell (mid-January 1987), rather than a cold clear night—cold air drainage is arrested due to the vast urban area surrounding the city.

The station holds the record for the highest British mean monthly temperature, 24.5 °C (76.1 °F) (mean maximum 29.2 °C (84.6 °F), mean minimum 19.7 °C (67.5 °F) during July 2006). However, in terms of daytime maximum temperatures, Cambridge NIAB and Botanical Gardens with a mean maximum of 29.1 °C (84.4 °F), and Heathrow with 29.0 °C (84.2 °F) all exceeded this.

Economy

The City of London vies with New York City's Downtown Manhattan as the financial capital of the world. 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.

Canary Wharf, a few miles east of the City in Tower Hamlets, which houses many banks and other institutions formerly located in the Square Mile, has since 1991 become another centre for London's financial services industry. Although growth has continued in both locations, and there have been relocations in both directions, the Corporation has come to realise that its planning policies may have been causing financial firms to choose Canary Wharf as a location.

In 2022, 12.3% of City of London residents had been granted non-domicile status in order to avoid their paying tax in the UK.

Headquarters

Many major global companies have their headquarters in the city, including Aviva, BT Group, Lloyds Banking Group, Quilter, Prudential, Schroders, Standard Chartered, and Unilever.

A number of the world's largest law firms are headquartered in the city, including four of the "Magic Circle" law firms (Allen & Overy, Freshfields Bruckhaus Deringer, Linklaters and Slaughter & May), as well as other firms such as Ashurst LLP, DLA Piper, Eversheds Sutherland, Herbert Smith Freehills and Hogan Lovells.

Other sectors

Whilst the financial sector, and related businesses and institutions, continue to dominate, the economy is not limited to that sector. The legal profession has a strong presence, especially in the west and north (i.e., towards the Inns of Court). Retail businesses were once important, but have gradually moved to the West End of London, though it is now Corporation policy to encourage retailing in some locations, for example at Cheapside near St Paul's. The city has a number of visitor attractions, mainly based on its historic heritage as well as the Barbican Centre and adjacent Museum of London, though tourism is not at present a major contributor to the city's economy or character. The city has many pubs, bars and restaurants, and the "night-time" economy does feature in the Bishopsgate area, towards Shoreditch. The meat market at Smithfield, wholly within the city, continues to be one of London's main markets (the only one remaining in central London) and the country's largest meat market. In the east is Leadenhall Market, a fresh food market that is also a visitor attraction.

Retail and residential

The trend for purely office development is beginning to reverse as the Corporation encourages residential use, albeit with development occurring when it arises on windfall sites. The city has a target of 90 additional dwellings per year. Some of the extra accommodation is in small pre-World War II listed buildings, which are not suitable for occupation by the large companies which now provide much of the city's employment. Recent residential developments include "the Heron", a high-rise residential building on the Milton Court site adjacent to the Barbican, and the Heron Plaza development on Bishopsgate is also expected to include residential parts.

Since the 1990s, the City has diversified away from near exclusive office use in other ways. For example, several hotels and the first department store opened in the 2000s. A shopping centre was more recently opened at One New Change, Cheapside (near St Paul's Cathedral) in October 2010, which is open seven days a week. However, large sections remain quiet at weekends, especially in the eastern section, and it is quite common to find shops, pubs and cafes closed on these days.