City of London Area Guide

The City of London, or the Square Mile, is a compact yet influential part of Greater London. As the smallest district in terms of size and population, it stands out as a global financial centre with more businesses than residents. This area, which includes Holborn and Barbican, provides a unique living experience for over 10,000 inhabitants, offering easy access to commercial hubs, historic sites like the Tower of London and St Paul’s Cathedral, and renowned markets such as Spitalfields and Billingsgate.

Established more than 2,000 years ago, the City of London is the historic heart from which the capital expanded. It remains a leading financial capital, comparable to global giants like New York City. Although London is known for its green spaces, the Square Mile is dominated by business and residential structures, making it a distinctive blend of finance, history, and urban life.

 

History

The City of London, the birthplace of London itself, was established between AD 43 and 50 by the Romans. Over the centuries, it has evolved from being a centre for settlement, trade, and ceremony into a bustling hub that attracts over 300,000 workers daily.

During the 19th and most of the 20th century, the City’s population declined as residents migrated to London’s surrounding suburbs. This shift led to a significant rebuilding programme that transformed the urban landscape to accommodate modern developments.

The City holds a unique place in history, being the ancient core from which the rest of London grew. Its rich traditions and significance are reflected in its independent government—the oldest in the country, predating even Parliament. It has its own Lord Mayor and police force, underscoring its distinct identity.

Today, the City of London is not just a financial powerhouse, but also a cultural hotspot. It boasts world-class arts and culture, along with an array of outstanding restaurants, cafes, hotels, pubs, and bars, making it a vibrant destination in its own right.

 

Fun Facts

  • Often called the Square Mile, referencing its original size, the City comprises 25 historic wards. It’s governed by the Corporation of London under the leadership of The Lord Mayor, who lives at Mansion House near the Bank of England.
  • The City of London’s geographic location is crucial to its success. Unlike other financial hubs like New York, Tokyo, or Hong Kong, the City’s business hours intersect with all global financial centres. This enables its traders to conduct transactions with both the Eastern and Western Hemispheres in a single day, covering all key markets.
  • The City of London is a hotbed of architectural innovation, with new structures consistently emerging, many designed by top global architects. Approximately 25% of the buildings undergo replacement every quarter-century.
  • The City of London hosts over 500 banks, predominantly foreign. It houses more Japanese banks than Tokyo and more American banks than Manhattan.
  • The City of London holds the record for the highest number of international phone calls made compared to any other location worldwide.

 

Transport Links

The City of London is a transportation hub with an excellent PTAL rating of 6B, making it one of the best-connected areas in London. It boasts 11 Underground stations, including Aldgate, Bank, Barbican, Blackfriars, Cannon Street, Chancery Lane, Liverpool Street, Monument, Moorgate, St Paul’s, and Tower Hill. These stations are served by various lines such as Central, Northern, Waterloo and City, Circle, District, Metropolitan, and Hammersmith and City Lines.

Additionally, the City offers DLR services at Bank Station and Tower Gateway, providing quick access to Canary Wharf, Lewisham, Woolwich Arsenal, and the City Airport. Rail stations like Liverpool Street Station, Moorgate, Fenchurch, Farringdon, City Thameslink, Blackfriars, and Cannon Street connect the City to Cambridgeshire, Essex, Greater London, Hertfordshire, Norfolk, Suffolk, and regions south and southeast of London.

For road users, keep in mind that the City is part of the Central London Congestion Zone. However, residents are eligible for a significant discount. Bus terminals at Aldgate and Liverpool Street offer numerous inner London routes and connections to major airports and UK cities.

 

Things to do:

  • St Paul ‘s Cathedral, 
  • Tower of London, 
  • Museum of London, 
  • Bank of England Museum 
  • Leadenhall and Smithfield markets
  • The Barbican Theatre 
  • Fabric nightclub
  • The Millennium Bridge
  • St Paul’s Cathedral

 

Business and Education

The City of London is the UK’s premier business and financial hub, hosting the Stock Exchange, the Bank of England, and renowned firms in banking, accountancy, law, and insurance. Governed by the City Corporation based in Guildhall, it has its own Lord Mayor and the Court of Common Council for decision-making.

This district is home to an array of businesses, with insurance companies mainly located in the east, financial services in the west, and professional service and creative organizations scattered throughout. Over 440,000 people work here, most commuting from outside the City, facilitated by the extensive transport network linking it to various parts of London and beyond.

The City also boasts a high concentration of tourist landmarks, which attract many visitors, enhancing its wealth and employment opportunities. Green spaces add to its appeal, ranging from pocket parks to modern rooftop gardens.

In 2016, record office occupancy rates spurred several new developments, including skyscrapers like One Undershaft, 22 Bishopsgate, and The Scalpel. While the City itself doesn’t host many schools, it sponsors two primary and three secondary academies in adjacent boroughs, with plans for four more in the next three years.

 

Who lives there?

The City of London, colloquially known as The Square Mile, is a popular residential area for high-income professionals seeking a home close to their workplaces. Despite the influx of over 400,000 accountants, bankers, lawyers, and financial support employees daily, residential properties in the district can be quite scarce, making it a sought-after location for those wanting a pied-à-terre near the commercial towers.