London remains world leader for global financial services

A report from Z/Yen has shown that London continues to be the world’s leading financial services centre.

The city earned the top spot in the think tank’s 23rd edition of its global financial centres index, which analysed 110 cities and ranked them using data from the World Bank, the United Nations and the OECD.

Factors

The study, which also surveyed more than 2,300 financiers globally, ranked the cities by taking into account factors such as business environment and financial infrastructure.

London was the only European financial centre to make it into the top 15 in the rankings, with the city rising 14 points since the last index in September to number one. The city scored 794 points in the index, outperforming rivals such as New York, Hong Kong and Singapore, which came in second, third and fourth place respectively.

London scored highly in a number of areas, with the city earning the top spot in the rankings for having the most competitive business environment and for the strength of the city’s institutions.

All financial centres in the top 25 improved their scores, showing that whilst London came out on top, the city’s competitors were close behind.

Critical

Commenting on the importance of London’s place in the rankings, TheCityUK Chief Executive Miles Celic said: “With no other European centre in the top 15, London’s offering continues to be a critical part of wider European competitiveness, underlining the need for a Brexit deal that keeps markets open and efficient, and which does not needlessly damage European economic growth.”