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One Canada Square, the actual name of the fifty-storey, pyramid-topped building often identified as ‘Canary Wharf’, was completed in 1991, and became the UK’s tallest building, the most visible legacy of Thatcherism, towering over London. It was not until the first years of the new millennium that Canary Wharf really fulfilled its destiny as ‘the second City’, and took on a life of its own, outstripping the old City of London (the capital’s traditional financial centre, around Bank and St Paul’s, with its antiquated heraldry, liveries and rituals), and becoming the home of the newer, much more dangerous unregulated financial speculation that would be instrumental in creating the global financial crisis of 2008. Peter Gowan called it ‘Wall Street’s Guantánamo’, a lawless bolt-hole where firms like Lehman Brothers could get away with complex debt-repackaging and trading they would never have been allowed to pursue in Manhattan.7
In a neat example of the laissez-faire capitalism which led to the financial crisis itself, the building of Canary Wharf itself benefited from special government exemptions on rates, tax and a speeded-up planning permission process. No questions and no regulations. It was to be the Big Bang of urban regeneration – creating not just the bankers’ skyscrapers that watched over the grime kids, the yin to the estates’ yang, but also a new airport aimed at business-class customers (London City Airport, opened 1987), the Docklands Light Railway (1987), the Jubilee Line Extension (1999) and the ExCeL conference centre (2000). The LDDC was the flagship of the hyper-gentrification that would follow across British cities, legitimising New Labour’s urban renaissance, of which the renovating and demolishing of council estates was also a vital part. Canary Wharf’s tower blocks were barely a couple of miles from the council blocks where the pirate radio aerials were going up, but ‘the second City’ was never designed to have a relationship with its neighbours: the attention was turned towards its rival and parent. Canary Wharf was deliberately laid out so its ‘central axis’ – a gap in the two tower blocks facing One Canada Square – looks out across a fountain, and lines of trees, towards the City of London.
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