1940 City of London by-election instead supporting the National candidate, Sir Andrew Rae Duncan, who had been brought in from industry to serve as President of the Board of Trade. There being no other candidates, Duncan was returned unopposed. 1940 City of London by-election The City of London by-election, 1940 was a by-election held on 5 February 1940 for the British House of Commons constituency of City of London, which covered the "Square Mile" which was the United Kingdom's traditional financial district. The by-election was caused by the resignation of one of the City's two Conservative Party Members of Parliament (MPs) Sir Alan Anderson, who
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