A medieval corporation that still runs the UK's financial heart
In short: While most local governments were overhauled by modern reform, the City of London Corporation survived by being too old to change. It operates as a unique municipal body where businesses can vote just like residents, preserving ancient privileges and a structure that dates back to the Norman Conquest.
The City of London Corporation is not a company, but a 'municipal corporation'—a legal entity composed of citizens acting as one corporate body. It governs the 'Square Mile,' the historic center of London where much of the UK's financial sector resides. Unlike most local authorities, it was never reformed by the Municipal Corporations Act 1835 because its electoral franchise was already more extensive than any other borough. This has resulted in an increasingly anomalous system where non-residential (business) votes now dominate.
The Corporation’s authority is rooted in 'prescription'—the legal presumption that it has existed as a corporation for so long that the law assumes it must be one. Its rights are tied to Magna Carta and were first confirmed by a royal charter from William the Conqueror around 1067. This lineage allows it to maintain unique offices like the Town Clerk (chief executive), the Chamberlain (treasurer), and the City Remembrancer, all of whom manage their own independent budgets.
The governance structure is a blend of medieval tradition and modern administration. The Court of Common Council serves as the primary decision-making body and police authority, while the Court of Aldermen holds distinct ceremonial and judicial roles. Notably, the Recorder of London—the senior judge at the Old Bailey—is technically a member of the Court of Aldermen. This complex web of 'Liberties and Customs' ensures that while the City functions as a modern hub, it remains governed by rules established over seven centuries ago.
The voting system is particularly distinct: organizations can appoint voters based on their workforce size. For example, bodies with more than 50 workers can appoint ten voters plus one for every fifty additional employees. This ensures that the interests of the financial services industry are directly represented in the local government, a privilege that distinguishes the Square Mile from the rest of Greater London.
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Sources
- Summary by Intellect · source: City of London Corporation
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