Royal Commission on the Amalgamation of the City and County of London the ancient City of London had been prominent political topics since the 1830s. Recommendations by royal commissions given in 1837, 1854 and 1867 had largely been left unimplemented. The Local Government Act 1888 had set up a County of London which surrounded, but did not include, the square-mile and main business district of the City of London. London was therefore governed by the Corporation of London at its core and the London County Council for its metropolitan area. When the first London County Council was elected, the Progressive Party, closely allied to the parliamentary Liberals, took control. The first chairman
City of London households and the lowest average household size: just 1.58 people. It also ranked highest within the Greater London area for the percentage of people with no religion and people who are employed. The City vies with New York City's Downtown Manhattan as the financial capital of the world; many banking and insurance institutions have their headquarters there. The London Stock Exchange (shares and bonds), Lloyd's of London (insurance) and the Bank of England are all based in the City. Over 500 banks have offices in the City, and the City is an established leader in trading in Eurobonds, foreign exchange,