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Penny Lane is actually the nickname to a junction of streets in Liverpool, England known for its shopping. It was named after an 18th century slave trader named James Penny.

The barbershop mentioned in the song exists as "Tony Slavin's", as does the (bus) shelter in the middle of the roundabout, though it has been abandoned. The only fire station is some distance away from the area.

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Q: What was the background information on penny lane - the beatles?
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