Who Owns the City of London?

The City of London, often referred to simply as 'the City,' is a unique and influential part of the UK's urban landscape. Its ownership and governance are a fascinating blend of public and private entities, making it a distinct entity within the greater London area. In this article, we will explore the various companies and individuals who hold ownership in the City of London, including the historical context and the legal framework behind it.

Key Points About Ownership and Governance

The City of London is governed by the City of London Corporation, which includes elected officials known as Bailiffs. This governing body handles the administration of the City. Additionally, the land in the City of London is a mix of private and public ownership. Significant portions of land and buildings are owned by the Corporation, particularly public spaces and some historic sites.

The Historical Context of the City of London

The City of London has a long history dating back to Roman times. It has developed its own set of laws and customs, allowing it to be considered a separate entity from Greater London. This unique governance is further exemplified by the Corporation of London, which, under UK law, is a Municipal Corporation and a government body. It is officially known as the Mayor and Commonalty and Citizens of the City of London.

The Financial Hub of the City of London

The City of London is renowned as a major financial center, hosting numerous banks, financial institutions, and businesses. This economic importance adds another layer to the understanding of its ownership and governance. The Corporations role in managing public spaces and maintaining the districts reputation also highlights its dual nature as both a public governance entity and a private landowner.

Land Ownership Details

While the Corporation of London is a significant landowner, much of the land in the City of London is privately owned by businesses and property owners. A notable example is the Barbican Centre, which is believed to be owned by the Corporation of London. The City of London Corporation does not own the entire City, but its significant holdings make it a major player in the urban landscape.

The Role of the Crown in the Ownership of the City of London

It is important to understand that while the Crown owns all land in the UK, people and companies legally hold freehold rights to that land in perpetuity. The City of London is no exception. However, the Corporation of London has been granted certain property and assets by the Crown over the years, enhancing its role in the urban governance and ownership of the City.

The Corporation of London: A Legal Entity

The Corporation of London is a unique entity, not a business corporation with shareholders. It is a Municipal Corporation and a government body under UK law. The official title is the Mayor and Commonalty and Citizens of the City of London. According to Wikipedia, there is no surviving record of a charter first establishing the Corporation as a legal body. However, the city is regarded as incorporated by prescription, meaning that the law presumes it to have been incorporated because it has for so long been regarded as such, even in the absence of written documentation. This is evidenced by historical documents like the Magna Carta.

Conclusion

The City of London is a place of historical significance, economic importance, and unique governance. Its ownership and management are a complex blend of public governance and private ownership, making it a distinctive and influential part of the UK's urban landscape. Understanding who owns the City of London requires a dive into its historical roots, the role of the Corporation of London, and the legal framework that governs its assets.