ABSTRACT
In the heart of the metropolis lies what is loosely called the square mile of the City, an area which formerly contained both residences and places of work but is now given over almost entirely to business premises. It contains the whole mass of London's financial institutions, such as the Bank of England, the Stock Exchange, the head offices of the great banks, Lloyd's, the Royal Exchange, and the issuing houses. Indeed, the term "the City" is today frequently used to connote those interests in the same way as "Wall Street" is regarded as synonymous with the large financial interests in New York. But this identification of the City with the world of finance is quite unimportant in connection with local government.
