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
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,