The Square Mile is the world's leading international financial
and business centre – a global powerhouse at the heart of the UK's
economy.
Financial services made a net contribution to the UK's export
earnings of £24bn in 2006, a major share of which was generated
within the Square Mile. It alone contributes nearly 4% to the UK's
GDP, with London as a whole contributing 19%.
The City of London Corporation is the organisation that supports
and promotes the Square Mile and the businesses within it. It
sustains all the needs of a 24 hour city and helps position it for
the future. It will ensure that the Square Mile continues to thrive
and retains its place as Europe's financial capital.
The Square Mile is a vital asset to the British and
European economies. Its markets are innovative, competitive and
internationally focused. The best companies in the world do
business in London because London is the place to do business
best.
- $1,359bn foreign exchange turnover each day in London
(34% global share)
- 53% of the global foreign equity market
- 70% of all eurobonds traded in London
- 20% of international bank lending arranged in the UK (largest
single market)
- The world's leading market for international insurance. UK
worldwide premium income reached £194bn in 2006
- 87m metal contracts per annum traded in London
- 696m contracts a year traded on London’s international futures
exchange Euronext.liffe
- £3.8trn total funds under management in the UK in 2006
- £1.5bn in overseas earnings generated by the maritime industry
in London in 2006
- £1,686bn pension fund assets under management (third largest in
the world)
- $1,081bn daily turnover in ‘over the counter’ derivatives (42%
of global share)
- Over 80% of the $24bn EU Emissions Trading Scheme
- 75% of Fortune 500 companies have London offices
- 254 foreign banks in London
- 692 foreign companies listed on the London Stock Exchange
(LSE)
The City of London provides a dedicated service to the 'Square
Mile', from essential infrastructure
maintenance to strategic economic development. But it also provides
a host of other services of benefit to London and the country as a
whole.
The City of London
- provides first class local government services for the City.
Rated 'Excellent' by the Government
- promotes London worldwide as the world's leading
international financial and business centre, particularly through
its Lord Mayor
- protects City interests in Westminster, Whitehall and
Brussels
- tackles social exclusion in partnership with neighbouring
boroughs
- welcomes world leaders on behalf of the UK Government
- provides advice and assistance to occupiers to obtain the
buildings they need
- is one of the most significant arts sponsors in the
UK, funding includes the Barbican Centre, the Guildhall School
of Music and Drama and the Guildhall Art Gallery
- operates as the City of London Police authority
- works as port health authority for the River Thames
- maintains over 10,000 acres (4,047 hectares) of open space in
and around London, including Epping Forest and Hampstead Heath
- runs three commercial food markets: Smithfield, Billingsgate
and Spitalfields
- runs London's largest grant-giving charity, The City Bridge
Trust
- provides affordable residential housing across London
- provides facilities for the Central Criminal Court at the Old
Bailey