ABSTRACT
This chapter identifies how London has changed as a financial centre since the onset of the credit crunch in 2007. Lloyd's of London, the world's largest specialist insurance market, is an important part of this business for London. In a sense the insurance company gives a particular twist to the role of mediator of capital. Financial institutions have long been complex and often large organisations in their own right. Often they have become important players in the domestic economy and, particularly in relation to global centres such as London, the international economy. The larger non-financial companies are caught in the web of London's financial activities. The complex mediating role of the City that emerged before 2007 remains intact. Financial institutions are still mere conduits moving capital from those who have it in excess to those who need it. The lines between financial and non-financial as well as public and private have become increasingly blurred in the contemporary economy.
