THOUSANDS of people lined the streets of the capital on Saturday hoping to catch a glimpse of Finchley businessman Michael Bear, who has been sworn in as the new Lord Mayor.

Alderman Bear, the regeneration director at Hammerson plc, which is behind the £4.5 billion Brent Cross Cricklewood development, began his service as the 683rd Lord Mayor of the City of London, last Friday.

He then had the privilege of being carried through London in a 253-year-old golden coach as part of the annual Lord Mayor’s Show on Saturday. The event featured a three-mile long procession involving 150 horses, 21 carriages, 20 marching bands and 71 carriages.

Alderman Bear presented Operational Service Medals to 12 soldiers, sailors and airmen of the reserve forces, as well as one serving City of London Police officer, in front of crowds at Bank Junction, before enjoying a fireworks display on Victoria Embankment.

The festivities continued on Monday at the Lord Mayor of London's Mansion House Dinner, where the married father-of-two was joined by around 700 of the city’s leading figures and diplomats and Prime Minister David Cameron.

In his speech Alderman Bear, who was born in Nairobi, said: “The City must settle for nothing less than a great and sustainable future and our choices now – right now – will define our future.

“That is why my theme as Lord Mayor will be “City of London – City of Choice.”

Talking about the future of the city, he added: “During the recent crisis there are some who have predicted a slow, agonizing death for the City, claiming that we have been overtaken by events and our competitors. Those obituaries are premature. They are also wrong.”

As Lord Mayor, Alderman Bear will be head of the City of London Corporation and be global ambassador for the UK-based financial services industry.

His charitable appeal will be Bear Necessities – Building Better Lives on behalf of the children’s charity Coram, and RedR, a charity that trains and provides engineers and relief workers to disaster zones around the world.