Despite Brexit vote, London extends lead as the global finance centre
According to a survey, London remains the world’s most attractive financial centre against some of its European rivals despite voting for Brexit.
The Z/Yen global financial centres index, which ranks cities on topics like infrastructure and professions, showed that the city is extending its league over others like New York, Dublin and Frankfurt.
This was mainly down to a growing number of firms growing in the sector, and wanting to plan to open new offices or boost staffing in such cities in order to maintain access to EU consumers and markets after the UK exits.
Speaking to Sky News, TheCityUK’s chief executive, Miles Celic, commented: “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.”
The report was conducted in June and found that New York came second behind London. The author responded to the widest gap between the two since 2007.
It has been suggested it was down to fears about US trade deal since Donald Trump’s presidential election win, who ceased the country to run with the planned trans-Pacific trade deal.
However, TheCityUK, representing London’s financial sector, said it will appeal for more information from the government regarding the findings, especially since the UK is due to leave the European Union in early 2019.