Perhaps the most important issue thrown up by the Baltic case is the role of English Heritage. This is worth considering in some detail because it was EH's role that was the crucial element in determining the fate of the Baltic Exchange. We are only able to piece together the changes in EH policy towards the Baltic because we have seen copies of the reports to and minutes of the London Advisory Committee (LAC). As with all English Heritage's powerful advisory committees, its reports and minutes are considered confidential. Despite the recommendation of the Culture, Media and Sport Select Committee of the House of Commons that these should be made public in line with the Government's commitment to more open government, English Heritage has so far refused to make these documents available to the public.

These documents reveal that from the date of the bombing in 1992 to March 1996, English Heritage had supported the City's line and insisted on the restoration of the St Mary Axe facade and the Exchange Hall of the Grade II* listed building. On this basis the Baltic Exchange sold the site to Trafalgar House at price reflecting this liabilities and planning consent was granted to the new owners in 1995 for a 12 story scheme by architects GMW incorporating the Exchange Hall and the St Mary Axe facade.

The St Mary Axe facade was carefully dismantled before the sale to Trafalgar. At the end of 1995 and the beginning of 1996, in order to protect from further deterioration before eventual re-erection, the interior of the Exchange Hall was carefully dismantled under the supervision of Donald Insall Associates (highly regarded conservation architects) and put into storage at a cost of £4million.