In 1981 Margaret Thatcher’s Government founded the London Docklands Development Corporation. The Canadian developer Olympia & York brought the project & the construction started in the mid 1980s. The Canary Wharf Tower was steel topped & its height was 800 ft which was considered to be the tallest monument in the entire Europe at a certain point of time. Despite the plan of Margaret Thatcher there was no such underground connection and the place lacked the shopping areas and also places for restaurants. In 1992 a recession caused the property market to be subsided & this made the situation to reach from bad to worse. The developer went to bankruptcy & the entire project faced & massive failure.
However the tide turned down in the 1990s.The development project was bought by an international consortium & it was supported by the former owners of Olympia & York. It takes only 30 minutes to reach Canary Wharf from the heart of London. Thus the financial institutions were automatically drawn towards this Tower. The working population in the area rise from 13,400 to 90,000 in about 2006. It now boasts a number of skyscrapers & is already dubbed Manhattan on Thames.