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London
The City of London (City of London for short) is the United Kingdom
Greater London
One of the 33 counties, located in the famous London
St Paul's Cathedral
East side, area 2.6
Square kilometer
, also known as "One
Square mile
(Square Mile) because of the large number of banks,
Stock exchange
,
Gold market
And other financial institutions, so also known as the City of London.
- Chinese name
- The City of London
- Geographical position
- East side of St Paul's Cathedral
- Area product
- 2.6 km²
- Incumbent mayor
- Merrie Meng [3]
- Home country
- Britain
catalogue
The city of London has gone through a lot since its beginnings in AD 43
vicissitudes
Especially from 1665
plague
And the Great Fire of 1666 brought devastating disaster to her. However, after the fire, the city of London quickly recovered and grew. to
Industrial revolution
London has grown into the world's premier financial center, and the City of London is the core of this center, where most financial institutions are concentrated. However, after the war, due to the decline of the British economy, and due to the city of London
Banker
Their arrogance and their reluctance to change the traditional practices to which they were accustomed, combined with the rise of other financial centres, led to the City of London's declining international standing. But the city of London is deeply international
Banking business
The foundation, combined with the experience of credit and expertise accumulated in the long course of operation enabled her to restore its financial center after the 1960s
Leading position
.
1980s
The City of London was once brilliant, and still shines brightly, and it has made a huge contribution to the British economy. In the 1980s, it made Britain
Net receipts
Tax profits of more than £2 billion, even in the recession of the early 1990s,
Unemployment rate
When it was high, the City of London created jobs for millions of people. In 1995, there were 700,000 people working in finance and commerce in the city of London
Frankfurt
The total population is even greater. But the merits and faults of the City of London have long been a matter of debate in Britain.
Some people think that the city of London has always thought only of its own development and profit, and has been indifferent to the economic and industrial development of the whole country. After the First World War, due to London
Cherishing general
Too much energy is devoted to overseas investment, thereby deprives British industry of the much needed funds for development, so that the United States and Germany are not only in steel and so on
Traditional industry
It is ahead of the UK in the field of high technology. In 1952, Prime Minister Winston Churchill sought to maintain
Pound sterling
The status and maintenance of the City of London in
International finance
On the importance of taking a harsh
Financial budget
and
Tight monetary policy
His aim was achieved for the time being, but at great cost to British industry. After a brief post-war boom, domestic demand continued to fall, and several major industries - shipbuilding, textiles, steel, and coal - contracted sharply. However, even this did not prevent a run on the pound.
World War II
later
The Bretton Woods system
It's set up. After this, bankers in the City of London tried to keep the pound against
U.S. dollar
The exchange rate has repeatedly damaged the interests of the industry:
Overvaluation of exchange rate
Make British industrial goods in the world
Competitive ability
Weakening and hitting exports.
This tension between industry and finance is growing again. While large amounts of foreign capital are flowing into Britain and making huge profits, money in the city of London is flowing abroad. So someone said,
Conservative Party
Once again, helping international friends in the City of London at the expense of their own economy. Even the city of London has its critics for creating many jobs. It is believed that the City of London attracts a large number of talents to the various financial institutions in the city, so that
Industrial talents
Appear lacking.
In order to balance these contradictions, the British government has taken a series of measures, such as reducing the city of London's foreign investment
High income
Policies such as high taxes, which restricted the city of London's freely spinning wheels, were imposed as a matter of necessity.
Not far east from the City is a man called
Canary Wharf
Canary Wharf. There is not a large area, but there are several tall buildings with dozens of stories. From the billboards on the roof of HSBC, Barclays, Citibank and so on, you can see that this is also a place where financial institutions cluster, so it is also called the City. Unlike One Square Mile, the buildings here have all been built within the last 20 years, with newer plans and more modern designs. This is why some people refer to it as the "New City", echoing the "Old City" over the Square Mile. In the eyes of the world, London is one of the most historic and modern cities in the world. She is not only known for its rich cultural connotation, beautiful nature and
Cultural landscape
Attracting tourists and researchers from all over the world, but also with its deep financial foundation, convenient transportation, communication and superior finance
Economic policy
It attracts the world's largest financial institutions to gather here. However, these financial institutions and
British history
Long-established banks,
Stock exchange
Together, live in
The Thames
The north shore has an area of only 2.6
Square kilometer
This piece of land is the famous "City of London", because of its dense financial institutions, so it is also called "City".
The City of London
In the center of the city of London, there is a windowless, fortress-like eight-story building, which is known as the "King of banks" - the Central Bank of England
Bank of England
It is surrounded by more than 100 domestic banks and more than 520 foreign banks.
Next to the Bank of England, a modern building in the shape of a vertical matchbox is London
Stock exchange
. London stock exchange has more than 200 years of history, can be called the originator of the world stock exchange. Its shares
Volume of transaction
It ranks third in the world after New York and Tokyo.
Commodity transaction
Trade is also an old trade in the city of London, and we have long been familiar from literature and the screen with the lively scenes of open outcry when commodities are traded. However, after June 1988, this practice ceased to exist and has been replaced by electronic screen quotes. London goods after a makeover
Trading post
Renamed the London Futures and Options Exchange, business is booming,
Trading volume
It's also bigger.
London gold market
It is the most important gold market in the Western world
Gold trading
The volume has reached 80% of the world's total gold trading volume, and its market volume and price have a great impact on the trading activities of other gold markets, which reflects the gold market
barometer
It is generally believed that
London gold
Ichishi
Gold bar
Arbiter of quality control.
Lloyd'S in the City of London,
Lloyd's
) is an international insurance market that was once the world's
Insurance industry
The insurance with the highest premium income
Monopoly organization
. But because
Insurance market
Lloyds has only a 1% share of the overall insurance market. However, it still has about 25% of the world's total
Marine insurance
And it's the world's major
reinsurance
The centre, therefore, of the City of London's insurance market remains international
Insurance industry
Number one of
Seeded player
.
On the basis of
Bank for International Settlements
(
BIS
Forex and derivatives market activity report published in late 2013. The report shows that London is the world's largest foreign exchange market trading center and the largest OTC interest rate
Derivatives trading
Center.
Wall Street Journal
Says London dominates global foreign exchange and derivatives trading
[1]
.
October 27th is an ordinary Friday. But the day has special meaning for City bankers, old and new. For 20 years ago on October 27, the Thatcher cabinet intervened in Big Bang: deregulation, the introduction of competition and the opening of the previously insular City to the global marketplace. The reforms have controversially led to some of Britain's staid financial institutions being swallowed up by foreign rivals.
No one questions those reforms anymore. The reason is simple: the City has become one of the most competitive financial centres in the world. Statistics show that among the major financial businesses,
London
It accounts for 20% of global cross-border lending, 40% of non-UK equity trading and 32% of global equity trading
Foreign exchange transaction
43%
derivative
Off-market transaction
, and
Secondary market
70% international
Bond trading
. In addition to
Hedge fund
In addition to assets, London outperforms the financial centers of the United States, Germany, France, Japan and other countries on almost every indicator.
In the face of such a "good situation", one
week
, several British
Financial world
Heavyweights are writing to mark the 20th anniversary of Big Bang. Sir Nicholas Goodison, chairman of the London Stock Exchange from 1976 to 1988, wrote in his book
Financial Times
The reforms in the City of London prove that competition promotes prosperity
Absolute principle
. Because it was broken
Competitive barrier
London attracts a large number of highly competitive talent and capital from all over the world. In addition, because the growth of a country's wealth depends on it
International competitiveness
It is therefore useless to prevent foreigners from buying domestic companies.
The City of London
Big Financial Reform changed all that. The Restrictive Trading Practices Act removes many of the restrictions on financial institutions doing business and imposes
Foreign financial institution
Liberalizing markets; The abolition of the fixed commission system allowed powerful institutions (mostly US financial institutions at the time) to pool large amounts of business and earn money
Scale effect
, thus
Reduce cost
. With the introduction of the reform, a large number of foreign financial workers poured into London, not only to bring new blood to the City and change the lazy style of the City, but also to the whole of London
multi-culture
The impact of...
Sir Goodison's summary was published in the British journal
The Economist
"Magazine agrees. The magazine in
editorial
The lesson of "Big Financial Reform" is that to protect an industry, you cannot protect the country's largest companies in that industry.
Yet, undaunted by its achievements, the British financial community has carefully analysed potential rivals and threats to the City. Sir Goodison points out that competition will intensify among the world's major financial centres, although London does
Geographical position
But these alone will not be enough, and other financial centres may follow suit and try to outdo London.
He served in the United Kingdom from 1983 to 1989
Finance minister
the
Nigel Lawson
While the City is much less regulated than it was 20 years ago, it is still overregulated in some areas. London, for example
Tax burden
It is too heavy and the tax system is too complex to attract more
Foreign financial institution
Move to the City. This point is echoed by the current mayor of the City, David Brewer.
However, on the anniversary of the successful reform of 20 years, the alarm is only a few, the majority
insiders
London's position in global finance today is a source of considerable satisfaction. Sir David Walker, who was fully involved in the design of the reform programme 20 years ago, offers a metaphor that is quite representative of the consensus in London finance. London has become a "knot", he said, and it is very difficult to untangle a knot.
The inaugural float parade of the Lord Mayor of the City of London began in 1215.
[2]
