Local context
The Square Mile: a financial district with its own government
The City of London, the Square Mile, is the capital's main financial district. It is governed by the City of London Corporation, which has its own Lord Mayor and police service and serves a small resident population alongside a far larger daytime workforce. Unusually, businesses registered in the Square Mile can nominate voters in City elections. Through its Global City platform, the Corporation champions the UK's financial and professional services, from banking and asset management to insurance, legal services, fintech and regtech.
Insurance gives the City much of its character. The London Market is the world's largest commercial and specialist insurance and reinsurance market, home to Lloyd's and to hundreds of brokerage and insurance firms, with most of its capital coming from overseas. Lloyd's describes itself as the only insurance marketplace of its kind, bringing together more than a hundred syndicates, and its Lloyd's Lab exists to accelerate new insurance products. The Bank of England, founded in 1694 and now the UK's central bank, stands on Threadneedle Street.
Those institutions create a deep pool of specialist firms: managing agents, coverholders, claims adjusters, compliance consultancies, legal practices and technology suppliers, many of them small teams handling high-value work. The Barbican, an arts, learning and conference centre owned and funded by the City Corporation, adds a cultural and events economy to the district's business life.