Every city should have a nickname. And after living in cities like Boston (Beantown) and Chicago (The Windy City) that have cool nicknames, I'm not a real fan of London's (The Square Mile), but at least it has one.
City Nicknames
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I don't suppose it would help for you to know that Hoboken, NJ is known as "The Square Mile" and is, in fact, a square mile in size.
In London the 'square mile' moniker relates to the financial district and nothing else.