The City of London is Dead; Long Live the City of London

5pm on a Thursday night in the City of London, its August and it’s 28 Degrees. That’s the recipe for the perfect night in the city. Throughout the city offices are winding down as the drinks begin to flow and gossip never stops. Bars are overflowing into the streets and alleyways.

That was the City loathed by some but loved by many: the financial heart of London. But today the streets are empty, bars are closed and the sleek concrete jungle is now the evening domain of skateboarders and a few joggers.

The square mile is more than just offices and computers. There’s a mythology and history where deals are made, fortunes are built and champagne is ordered. Away from the desk there’s the informal market place of the pubs, clubs and restaurants. This is where the real deals are done. Without this the City loses it soul and might just as well be in Swindon.

But coming together in a pub or bar to do business is not new. Stocks sand shares were first traded at Johnathan’s Coffee House. Not a name that comes to mind when talking about the place where some of the first shares and bonds were traded in London. Maybe you might know it better by its current name, The London Stock Exchange. This one might be easier: Lloyd's Coffee House was a significant meeting place in London in the 17th and 18th centuries where shipping merchants met, exchanged news and gossip, arranged passage for goods and insured their cargo.

The very essence of the City is built on relationships in and out of the office. Losing this important part of the City’s life may well drive business to other financial hubs such as Frankfurt or Brussels. Although it’s not exactly renowned for that city buzz, Dublin may give London a run for its money.

As it has always done, the City of London will reinvent itself, with innovation at forefront of every business in this post Covid-19 environment. And yes, just as nature always finds a way to survive, deals will be made, relationships will be made (not just on Zoom), and the City of London will find its heart, and get its mojo back.

The City of London is Dead; Long Live the City of London!