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Freedom of the City of London is often thought to bestow certain privileges on the recipient, but these honours are largely historical (the right to drive cattle over London Bridge) or apocryphal (the right to a silken rope if hanged, and the right to carry an unsheathed sword in public).
It's tokenistic nonsense. The ancient privileges and rights bestowed upon in him are for sheer novelty value: sheep across London Bridge, carrying a sword, etc. I'm not a fan of this tripe. Also, for the non-Brit's: he doesn't have the freedom of London; just the City of London; the square mile .