Continuing on in modern history:

-During the 18th to 20th centuries, the City’s power expands. In the 1950’s, sterling loses its reserve currency status, the creating the Eurodollar. This allows it to remain an international financial hub by relying on the US economy.

-During the 20th and 21st centuries, there were attempts to reform the City of London, however many realized this would cause a collapse in the tax base and destroy government finances, so no steps were taken.

Some facts:

-Businesses are allocated votes, as well of the residents of the city. The larger the corporation, the more votes they have.

-An appointed member called “The Remembrancer” has sat on the UK parliament since 1571 as a dedicated Parliamentary lobbyist. This gives the City of London direct veto power in the law making process of the whole UK.

-They are a completely separate entity with different police forces and courts, with such power, that the monarch of the UK has to bow when entering the city.