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London retains top spot among world’s top financial centres

Germany News.Net - Tuesday 12th September, 2017

LONDON, U.K. - Despite the pressures of Brexit, London managed to retain the top spot in a survey of the largest financial centres in the world. 

The Z/Yen global financial centres index ranks cities on factors including financial infrastructure and jobs.

According to the survey, London remains the world's most attractive financial centre, even though some European rivals are gaining ground in the wake of the Brexit vote.

The index showed that while London extended its lead over its nearest rival, New York, cities including Frankfurt and Dublin were climbing the league table.

The surveyors attributed the City’s popularity to a growing number of firms in the sector looking to hedge their bets - given continuing Brexit uncertainty - by either planning to open new offices or boost staffing in such cities in order to maintain access to EU customers and markets after the U.K. leaves the bloc.

According to the findings of the survey, Frankfurt, which is home to the European Central Bank, moved up to 11th in the world league table from 23rd a year ago.

Meanwhile, another popular spot for companies to set up bases post-Brexit - Dublin ranked 30th, rising from the 33rd position last year.

New York meanwhile was ranked in the second place.

Authors of the study conducted in June pointed out that the gap between London and New York was at its widest since the survey began in 2007.

The surveyors are speculating that this was down to fears about U.S. trade deals in the wake of Donald Trump's election. 

Trump has already pulled the country out of the planned trans-Pacific trade agreement in a move that was widely criticised.

Commenting on the findings of the survey, TheCityUK, which represents London's financial sector, said the findings should not be greeted with complacency.

It has appealed for more information from the Government on its plans for a transition period after the U.K. is due to leave the EU in 2019.

Miles Celic, TheCityUK chief said in a statement, "Absent this, many firms have already started to activate their contingency plans and others will undoubtedly follow suit if these aren't confirmed as soon as possible - and by the end of the year at the very latest.”

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