3 minutes ago
private road within the City of London. not a london borough but a unique county in its own right, the City of London is administrated by the City of London Corporation, a local authority with a council of 125 elected and non-elected peers, the majority representing independent interests rather than political parties. the area of the City is just over a square mile and it has a population of less than 8,000, though over 300,000 work here. businesses and non-residents are entitled to vote in elections, and there are about 25,000 of these votes, over three times as many residents. the legitimacy of the Corporation has been maintained for centuries by a collusion of archaic laws, offices, liveries, and traditions. it is the home to a hugely disproportionate number of the UK’s financial, insurance and banking services, offering these business and interests barely transparent protections and incentives that drastically affect the lives of millions of people elsewhere. after the banking crisis and occupy protests in St. Paul’s, this secrecy came under scrutiny. the near-1000 year old Corporation revealed some of the sources of its funding, the Citys Cash endowment. the Corporation’s has a historic right to claim any unused space within the City for itself, and through a subsequent 800 year old portfolio of property within the tiny square mile, has developed a core 35 acre estate. through rents, rates and taxes alone, this square mile county has generated between £2-3 billion, generating a further income of £250 million a year.