Posts Tagged ‘Lombard St’

March on the City 2008

Thursday, October 10th, 2024

March on the City: On Friday 10 October 2008 several hundred anti-capitalist protesters, mainly students, took to the streets of the City of London to say “We Won’t Bail Out the Bankers’.

March on the City 2008

The financial crisis had started in 2007, but reached a climax with the bankruptcy of Lehman Brothers on September 15 2008 which precipitated an international banking crisis.

March on the City 2008

Wikipedia sets out the causes of the crisis in some detail, but essentially US banks had been allowed to make more risky loans by changes in US laws which loosened regulations and allowed banks to take part in high risk operations such as proprietary trading and investment banking.

March on the City 2008

In the US one result of this was the proliferation of mortgage loans to people on low incomes who could really not afford the repayments and eventually defaulted. The problems with ‘subprime mortgages‘ particularly given to many in minority communities in the USA came to a head as a boom in US house prices in the early 2000s was followed by a sharp drop in the value of properties which were the security for the loans.

March on the City 2008

As Wikipedia comments, “governments deployed massive bail-outs of financial institutions and other palliative monetary and fiscal policies to prevent a collapse of the global financial system.” This resulted in the widespread feeling that those who had created the crisis were being rewarded for their failures.

In the UK, the New Labour government under George Brown made a massive financial intervention, paying £137 billion to the banks in loans and new capital, some of which was later recouped, but leaving a cost of £33 billion. While some support was necessary to avoid a total breakdown of the financial system, many felt that the government should have taken a firmer line and that those responsible should have had to pay for their mistakes and not to seem to have kept their highly paid jobs.

Both Northern Rock – the first UK bank to fail in July 2007 and Bradford & Bingley were taken into public ownership, and RBS/Nat West into majority public ownership. But RBS still ended up costing us £35.5 billion – and the leading bankers still ended up getting huge salaries and big bonuses. The Royal Bank of Scotland seemed to be getting off scot free.

Part of the problems we still see in financial markets came from changes worldwide in the way that trading now takes place. In the UK Margaret Thatcher had brought in the ‘Big Bang’ which abolished traditional practices and introduced electronic trading, greatly increasing volatility.

On My London Diary I give a fairly full account of the actual protest which started at Bank where some protesters tried to storm into the Royal Exchange – long just a prestige shopping centre – and the Bank of England but were easily stopped by police.

There then followed a slow march around parts of the City, with police attempting to stop them at various points and the marchers pushing their way through police lines.

As my pictures show, there was some rather forceful policing at times and some of the press also suffered with the protesters. As I write, “I got a few bruises and my glasses were damaged when police rushed in as I was taking pictures in Lombard St.” But there was none of the confrontational use of trained riot squads that have led to extreme violence at some protests policed by the Met. Policing here was by the City of London Police – along with a guest appearance by one French cop.

Eventually there was a short rally with a few speeches on the corner of Bishopsgate and London Wall after which the demonstrators dispersed. Police seemed fairly relaxed at the end of the protest and I saw no arrests.

I don’t think the protest got much if any coverage in the mass media and most accounts I read on-line were confused, with many suggesting it went to the Stock Exchange. While that might have been a logical place to protest, the marchers actually went in the opposite direction.

March on the City.


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Men At Work, Cherubs, Trees and More

Sunday, March 5th, 2023

Men At Work, Cherubs, Trees and More continues my walk which began with A Walk In the City – March 1989

Men at Work, Bank, City, 89-3d-34
Men at Work, Bank, City, 89-3d-34

I returned to Bank and photographed some men working on the street there on the corner of Lombard St. I think they were working on one of the entrances to Bank Station but the boarding made it hard to see. They did have some very big buckets.

Recently there has been yet more work to improve access to Bank Station, with a new entrance opening a couple of days ago on Cannon St. Bank is a very busy station during the weekday rush hours, even with more people now working at least some days from home. But on Saturdays and Sundays the City is still something of a ghost town, though rather more tourists can now be seen wandering around, lost souls searching in vain for an open pub or restaurant.

Cherubs, King William St, Bank, City, 89-3d-35
Cherubs, King William St, Bank, City, 89-3d-35

At the start of King William Street and I think part of the magnificent St Mary Woolnuth I photographed this doorway with three cherubs which was later used on a book cover, but somehow I had lost the digital image of that. Having spent around half an hour searching for it on my computer and various hard drives I decided it would have been faster simply to produce it again from the negative. I think I may have also havephotographed it on a previous occasion. The doorway was rather dim and this image isn’t quite as sharp as I would like.

Lombard St, City, 89-3d-36
Lombard St, City, 89-3d-36

While I had the negatives out of the file, I digitised this one as well. Again it’s a view which I had previously photographed, possibly on several occasions, with the splendid cat and fiddle sign which is still there, though the TSB’s castle has gone. I don’t mourn the loss of the depressing distant block, though rather wish its replacement had been better.

Leadenhall Market, City, 1989 89-3e-61
Leadenhall Market, City, 1989 89-3e-61

I walked along Lombard Street and up Gracechruch St and then turned into Leadenhall St and then into Whittington Avenue where I photographed the entrance to Leadenhall Market, a nice piece of Victorian exuberance, though of course finance by our crimes of Empire.

I’d photographed the quite a lot before, often in colour, put I think this was the first time I’d photographed this entrance. I walked through to Cullum Street taking a few more pictures of buildings in the area including some more of the Lloyds Building but little really new for me, and none I selected to put on-line.

Fen Court, City, 1989 89-3e-41
Fen Court, City, 1989 89-3e-41

From Fenchurch Avenue I turne into Fen Court, where as usual I was fascinated by the trees wiggling in front of the austere offices of the Pan Atlantic Insurance Company and others. I’d taken two frames without any people when a man walked across carrying some hefty paperwork and I made this third exposure as he moved into the space between the two brick and stone beds.

This garden is the site of St Gabriel Fenchurch, burnt down in the Great Fire of London in 1666. It was re-landscaped in 2008, with the addition of the sculpture ‘The Gilt of Cain’ by Michael Visocchi which commemorates the abolition of the transatlantic slave trade.

I was on my way towards the markets just to the east of the City, where the next installment of this walk will continue.


A Walk In the City – March 1989

Tuesday, February 28th, 2023

My walk in the City of London towards the end of March 1989 began at Bank Station, perhaps because the Bank of England is in many ways the centre of the City, but probably also because until 1994 the Waterloo and City line was a part of our railway network and I could travel there as a “London terminus” on my rail ticket. In 1994 it became part of the London Underground (they paid £1 for it) and from then on I needed to pay them for the journey. I think back then there were no services on the “drain” on Saturday aftenoons or Sundays.

War Memorial, Bank of England, City, 1989 89-3d-64
War Memorial, Bank of England, City, 1989 89-3d-64

Over the years I’ve taken many slight variations on this picture with the London Troops War Memorial and the Bank of England. The memorial to the troops of London who died in the Great War was designed by Sir Aston Webb, with carving and lettering by William Silver Frith and the bronze figures by sculptor Alfred Drury and was unveiled on the day after the second anniversary of Armistice Day on 12th November 1920.

Later a further dedication to those who died in the Second World War was added. The quality of the statues and carving and overall its design make it one of the more impressive of war memorials. Grade II listed when I made this picture it was upgraded to II* more recently for the 100th anniversary of the Battle of the Somme.

The memorial stands in the triangle of public space in front of the Royal Exchange but this picture was taken from the side to include the Bank of England as the background. It’s perhaps slightly unfortunate that I included the sign for the public toilets at the bottom edge, useful though they were – and then like others in the City – free to use.

George & Vulture, George Yard, City, 1989 89-3d-52
George & Vulture, George Yard, City, 1989 89-3d-52

The George & Vulture describes itself as a City institution and there has been an inn on this site since 1142 or 1175, depending on who you believe – or 1600 according to my picture. Before the 1666 Great Fire there were supposedly two inns here, the earliest The George and a later establishment, The Lively Vulture, but they were amalgamated in the rebuilding.

It gets numerous mentions in Dicken’s Pickwick Papers and has been the headquarters of the City Pickwick Club since it’s inaugural dinner in March 1909 when it was founded incorporating his earlier Pickwick Coaching Club by Sir James Roll. Initially limited to 30 members that has increased over the years and in 2009 was raised to 100; they still meet for dinner there four times a year, and it is also host to other Dickens events.

Rather than a pub it is now a City chop house or restaurant, though open some evenings for cold plates and drinks; run by Samuel Smiths Old Brewery it offers a full range of their beers as well as other drinks.

Fountain, George Yard, St Michael's Alley, City, 1989 89-3d-53
Fountain, George Yard, St Michael’s Alley, City, 1989 89-3d-53

The City’s alleys have long fascinated many, and I’d first explored them before I was taking many photographs, following walks from one of many guides to London. It’s still easy to get a little confused in following them, particularly when some parts such as George Yard has changed rather.

You will search in vain for this fountain which then stood in the open area at the end of George Yard and St Michael’s Alley (though you could also reach it from Bell Inn Yard or Bengall Court and it was just a few steps from the end of Castle Court.

Fountain, George Yard, St Michael's Alley, City, 1989 89-3d-42
Fountain, George Yard, St Michael’s Alley, City, 1989 89-3d-42

Both the George & Vulture and the the Church of St Edmund the King in the background of this picture remain, but much of the rest around here has been replaced.

Fountain, George Yard, St Michael's Alley, City, 1989 89-3d-43
Fountain, George Yard, St Michael’s Alley, City, 1989 89-3d-43

I assume the statue was of St Michael and to me it and the mosaic floor have a look of the 1950s or 60s about them, but neither this statue nor the fountain in which it stood get a mention in any of the books about London I own. Most of my pictures were of the mermaids who obviously appealed to me more.

I have no idea what happened to these sculptures, and have been unable to find any more information about them. The yard is now home to rather Dalek-like structures, surrounded by seats and flower beds, presumably provided ventilation for areas below. The whole site on the west side of Gracechurch Street south of Bell Inn Yard which was the headquarters of Barclays Bank was redeveloped shortly after I made these images, with the distinctively curved 17 floors of 20 Gracechurch being completed in 1994.

Sculpture, Lombard St, City, 1989 89-3d-46
Sculpture, Lombard St, City, 1989 89-3d-46

I walked out onto Lombard Street where I made several exposures of this Grade II listed bronze ‘Chimera with Personifications of Fire and the Sea’ by Francis William Doyle-Jones from 1914 on the 1910 bank building. I was at the time thinking of putting together a compilation of pictures of London’s ‘topless’ women.

Sculpture, Lombard St, City, 1989 89-3d-33
Sculpture, Lombard St, City, 1989 89-3d-33

A wider view taken from the corner with Birchin Lane, where the view today is little different to that in 1989, except that the hanging TSB 1810 sign on Falcon House at left, there until 2016, has since been replaced by one peculiarly illegible one for Falcon Fine Art.

My walk around the city continued, though I’ve digitised relatively few pictures from it and soon moved away further east towards Spitalfields, as you will see in my next post on it.