page_title: London
section_title: The City of London
hierarchical_section_title: London / Economy / The City of London
caption_attribution_description: English: A view from Westminster Pier on the River Thames Русский: Вид с Вестминстерского пирса на реку Темзу
context_page_description: London is the capital and largest city of England and the United Kingdom. The city stands on the River Thames in the south-east of England, at the head of its 50-mile estuary leading to the North Sea, London has been a major settlement for two millennia. Londinium was founded by the Romans. The City of London, London's ancient core and financial centre − an area of just 1.12 square miles and colloquially known as the Square Mile − retains boundaries that closely follow its medieval limits. The adjacent City of Westminster is an Inner London borough and has for centuries been the location of much of the national government. Thirty one additional boroughs north and south of the river also comprise modern London. London is governed by the mayor of London and the London Assembly.
  London is considered to be one of the world's most important global cities and has been called the world's most powerful, most desirable, most influential, most visited, most expensive, sustainable, most investment-friendly, and most-popular-for-work city.
context_section_description: London's finance industry is based in the City of London and Canary Wharf, the two major business districts in London. London is one of the pre-eminent financial centres of the world as the most important location for international finance. London took over as a major financial centre shortly after 1795 when the Dutch Republic collapsed before the Napoleonic armies. For many bankers established in Amsterdam (e.g. Hope, Baring), this was only time to move to London. The London financial elite was strengthened by a strong Jewish community from all over Europe capable of mastering the most sophisticated financial tools of the time. This unique concentration of talents accelerated the transition from the Commercial Revolution to the Industrial Revolution. By the end of the 19th century, Britain was the wealthiest of all nations, and London a leading financial centre. Still, as of 2016 London tops the world rankings on the Global Financial Centres Index (GFCI), and it ranked second in A.T. Kearney's 2018 Global Cities Index.
  London's largest industry is finance, and its financial exports make it a large contributor to the UK's balance of payments. Around 325,000 people were employed in financial services in London until mid-2007. London has over 480 overseas banks, more than any other city in the world. It is also the world's biggest currency trading centre, accounting for some 37 per cent of the $5.1 trillion average daily volume, according to the BIS. Over 85 per cent (3.2 million) of the employed population of greater London works in the services industries. Because of its prominent global role, London's economy had been affected by the financial crisis of 2007–2008. However, by 2010 the city has recovered; put in place new regulatory powers, proceeded to regain lost ground and re-established London's economic dominance. Along with professional services headquarters, the City of London is home to the Bank of England, London Stock Exchange, and Lloyd's of London insurance market.
  Over half of the UK's top 100 listed companies (the FTSE 100) and over 100 of Europe's 500 largest companies have their headquarters in central London. Over 70 per cent of the FTSE 100 are within London's metropolitan area, and 75 per cent of Fortune 500 companies have offices in London.
caption: A view from Westminster Millennium Pier on the River Thames, December 2018
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