You’re probably thinking about Sadiq Khan. Most people do. But if you’re standing in the middle of the "Square Mile" and you start talking about the Mayor of London, you’re actually talking about the wrong person. It's confusing. Honestly, it's one of those weird British quirks that drives tourists and even locals absolutely bonkers.
There is the Mayor of London—the political figure who runs the Greater London Authority, handles the buses, and argues with the Prime Minister. Then, there is the Lord Mayor of London.
This role is older than the Magna Carta. It’s a job that involves more gold, more tradition, and frankly, way more international jet-setting than almost any other civic office on the planet. But it’s not just about wearing a heavy gold chain and riding in a 250-year-old carriage once a year. It’s basically the ultimate "Brand Ambassador" role for the UK's financial services industry.
What the Lord Mayor of London actually does all day
If you look at the schedule for the current incumbent—currently Alastair King, the 696th person to hold the office—you won’t see meetings about bike lanes or housing projects.
Instead, you’ll see a calendar packed with high-level meetings at the Mansion House. This is the official residence of the Lord Mayor of London, located right across from the Bank of England. The job is a grueling, one-year marathon. They spend about 100 days of that year abroad. They are the "First Citizen" of the City, acting as a global lobbyist for the UK’s fintech, insurance, and legal sectors.
Think of them as the CEO of a massive, historical non-profit whose only product is the reputation of the City of London.
It’s not a political popularity contest
Unlike the "other" Mayor, you can’t just stand for election because you have a good manifesto and a nice smile. To become the Lord Mayor, you have to climb a very specific, very old ladder. You have to be an Alderman. You have to have served as a Sheriff of the City. And you have to be a member of one of the City’s Livery Companies—those ancient trade guilds like the Worshipful Company of Goldsmiths or the Grocers.
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It’s an ecosystem of its own. It’s separate from the UK Parliament. In fact, the King himself has to ask for permission to enter the City of London through Temple Bar during certain ceremonies.
The money, the power, and the "Square Mile"
The City of London Corporation is the body that the Lord Mayor heads. It is technically the oldest continuous local democracy in the world. They have their own police force. They have their own schools. They even own land far outside the City, like Epping Forest and Hampstead Heath.
Why does this matter for business?
Because the Lord Mayor provides a neutral, non-partisan platform. When a foreign head of state comes to the UK, they usually have two big dinners. One is with the King at Buckingham Palace. The other is a glittering banquet at Guildhall with the Lord Mayor of London. It is at these dinners that the real "soft power" happens. Deals are greased. Relationships between the London Stock Exchange and emerging markets are solidified.
People often criticize the role as an archaic remnant of the past. Some call it "the world's most expensive lobbyist." But for the UK economy, it’s a massive asset. The City accounts for a huge chunk of the UK's GDP, and having a dedicated figurehead whose only job is to say "invest here" is a luxury most other financial hubs don't have.
The Lord Mayor's Show: Not just a parade
Every November, the city stops for the Lord Mayor’s Show. It’s been happening for over 800 years. If you’ve seen the gold State Coach—the one that weighs nearly four tons and has no brakes—you’ve seen the centerpiece of this event.
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It’s a spectacle.
But behind the scenes, the show is the official "swearing in." The Lord Mayor travels to the Royal Courts of Justice to swear allegiance to the Crown. It’s a logistical nightmare involving thousands of people, horses, and military bands. It’s also one of the only times the public really sees the office-holder.
For the rest of the year, they are a ghost to the average Londoner, appearing only in the business pages or at international summits in Riyadh, New York, or Tokyo.
Addressing the "Two Mayors" confusion
Let's clear this up once and for all.
- The Mayor of London (Sadiq Khan): Elected by millions. Runs 32 boroughs. Responsible for the Tube, police (Metropolitan), and fire services. Office is at City Hall.
- The Lord Mayor of London: Elected by the City’s Liverymen. Runs only the Square Mile (the financial district). Responsible for the City of London Police and global financial promotion. Office is at Mansion House.
It’s easy to see why people get it wrong. Even some international news outlets mess this up regularly. But the Lord Mayor of London has a lineage that stretches back to 1189. Sadiq Khan’s role only started in the year 2000.
The Livery Companies: The secret engine
You can't talk about the Lord Mayor without talking about the Livery Companies. There are over 110 of them. Some are ancient (the Mercers), and some are modern (the Information Technologists).
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These aren't just social clubs. They are the voting bloc. To elect the Lord Mayor, "Common Hall" is summoned at Guildhall. It’s a room full of people in medieval robes and fur-trimmed gowns. It looks like something out of a period drama, but they are voting on the person who will lead the UK's most important economic engine for the next 12 months.
It’s weirdly democratic and incredibly exclusive all at once.
The grueling reality of the one-year term
One year. That's all they get.
Most politicians spend their first year figuring out where the toilets are and their second year trying to get re-elected. The Lord Mayor of London doesn't have that luxury. They hit the ground running on day one. They give roughly 800 speeches a year. That’s more than two a day, every single day, including weekends.
They are constantly hosting delegations from the IMF, the World Bank, and various sovereign wealth funds. It’s a position of immense stamina. And here's the kicker: they don't get paid a salary. In fact, many Lord Mayors end up spending their own money to keep up with the social and travel demands of the office.
It’s the ultimate "public service" for the banking elite.
Actionable insights for dealing with the City
If you’re a business owner or a professional looking to engage with this world, don't just cold-call Mansion House. That won't work.
- Understand the Livery System: If you want influence in the City, look into joining a Livery Company relevant to your trade. This is the primary networking channel for the Lord Mayor’s circle.
- Monitor the Mayoral Themes: Each Lord Mayor chooses a specific "theme" for their year. Alastair King’s "Growth Unleashed" theme focuses on private equity and venture capital. If your business aligns with the current theme, you’re much more likely to find a seat at the table.
- Use the Mansion House Research: The Lord Mayor’s office produces significant white papers on green finance, AI ethics, and global trade. These are often precursors to actual government policy.
- Attend the Lord Mayor's Show: It sounds touristy, but the networking in the VIP stands and the surrounding events is where many City relationships begin.
The Lord Mayor of London is a role that shouldn't exist in a modern, streamlined world. It’s messy, it’s old-fashioned, and it’s complicated. But that’s exactly why it works. It provides a sense of permanence and tradition that global investors find oddly comforting in an era of rapid political turnover. It’s a 12th-century solution to 21st-century economic competition.