Despite Brexit, the City of London remains one of the world’s most important financial centres, accounting for a third of global financial transactions, and the world’s capital of the foreign exchange market.

The City of London, also known as the ‘Square Mile’ because of its one-square-mile size, is a separate borough within the City of London or ‘Greater London’. It is roughly the area of the original walled city, called ‘Londinium’ during the Roman occupation, and where its surrounding areas grew to become incorporated into the general term of London.

Although under the jurisdiction of Greater London, the City has a special status with its own mayor and independent police force. Despite the City having only 10,000 residents – 12.3% of whom have non-domiciled status to avoid paying UK tax – 400,000 commuters and over 10 million tourists a year.

More than 500 banking institutions have headquarters or offices in the city, and it is estimated that they directly employ more than 550,000 financial sector workers, accounting for one in five financial services jobs in Britain, generating almost 80 billion euros in annual revenue.

The importance of having access to this financial district has not diminished with Brexit, keeping the UK as the world’s most global financial centre that continues to attract talent, business and investment. That’s why 11Onze Business offers you a UK IBAN, so that your business has a foot in the City.

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