The Freedom of the City was originally created to grant certain privileges to citizens who weren't the property of feudal lords and were granted permission to practice their trade and own land. Though the practical reasons to obtain Freedom of The City are no longer relevant, gaining admittance remains a unique part of London's history and is an honour to be accepted. There's a long standing tradition of admitting women.
Freemen of The City have the right to vote for the Square Mile Mayor who is elected every year in November. One of the major functions of the Lord Mayor of London is to promote London's financial services abroad.
A quaint tradition dating from the Middle Ages and still upheld today, is the Freemen's right to drive their sheep across London Bridge. The Annual Sheep Drive Across London Bridge takes place every year in September.