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
Economy of London firms, insurance companies and reinsurance markets. London is notable as a centre of international finance where foreign participants in financial markets come to deal with one another. It is also home to the Bank of England, the second oldest central bank in the world, and the European Banking Authority, although the latter is moving to Paris in March 2019 following the Brexit referendum of 2016. Other key institutions are Lloyd's of London for insurance, the Baltic Exchange for shipping. A second financial district has developed at Canary Wharf to the east of the City, which includes the global headquarters of