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An economist's walk around London
As the UK's iconic capital, chances are you'll already be familiar with some of London's most famous landmarks: from Tower Bridge and Big Ben to Buckingham Palace and the London Eye. However, London is also one of the biggest financial centres in the world, competing with New York as the most important location for international finance. So, for the more financially minded visiting London, let Think Money give you a 'guided tour' of some of London's top financial landmarks that you shouldn't miss out on your itinerary. The Bank of England No financial tour of London is complete without a trip to the Bank of England. Based in the City of London, the city's main financial district, the Bank of England is the central bank of the UK, committed to 'promoting and maintaining monetary and financial stability as its contribution to a healthy economy'. It is the second-oldest bank in the world (after the Bank of Sweden), and was established in 1694. The Bank's current headquarters, on Threadneedle Street, have been there since 1734 - in fact, it's often referred to as 'The Old Lady of Threadneedle Street'. The Bank of England was initially established to act as the banker to the English Government - and is today wholly owned by the Government - but has been an independent public organisation since 1997. The Bank of England's current Governor is Sir Mervyn King. London Stock Exchange Located in Paternoster Square, close to one of London's most famous landmarks - St Paul's Cathedral - the modern London Stock Exchange was officially 'born' in 1801. As of mid-2010, the London Stock Exchange was the fourth largest in the world according to market 'capitalization' figures. London's trading in shares stretches all the way back to the 17th century, when two companies needed to raise the money for two voyages: the Muscovy Company's voyage to China via the White Sea north of Russia, and the East India Company's voyage to India. As the two companies couldn't finance the cost of these journeys themselves, they raised the funds by selling shares to merchants - on the agreement that the companies would give the buyers a right to a share of any eventual profits. Canary Wharf This is London's second financial district (alongside the City of London) - famous for its dazzling skyline. It covers an estimated 14,000,000 square feet of office and retail space, and is home to the European headquarters of many major banks, including Barclays, Citigroup and HSBC. Canary Wharf contains many of the UK's tallest buildings, and is home to the current tallest completed building in the UK, One Canada Square, whose occupants include The Bank of New York Mellon. |
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