City of London (colloquially The City or Square Mile ) - an administrative unit with municipal rights within the boundaries of London , which currently focuses most of UK's banking and insurance business . It should be noted that City is not one of London's 32 London boroughs . The Merchant Guild chooses Lord Mayor every year at the end of September who supervises the City; taking over the office by the new mayor is accompanied by an annual parade through the City streets. City sovereignty was and is the basis of its development.

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