Economy

London retains place atop global financial centre index despite Brexit

London retains place atop global financial centre index despite Brexit”

According to the Global Financial Centers Index (GFCI), which ranks 92 financial centers on factors such as infrastructure and access to high-quality staff, London extended its lead over NY.

London has retained its position as the world's foremost financial centre, cementing its lead over NY, according to a report published on September 11.

New York's ranking fell 24 points from past year, the largest fall among the top contenders, a dip was "presumably due to fears over U.S. trade".

The 22nd edition of bi-annual Global Financial Centres Index, compiled by management consultancy Z/Yen, showed that the relative ratings of the highest rated domiciles remained near-static, even as their absolute hospitality to sector business near-universally slipped.

Close competitor Luxembourg meanwhile, jumped four places to 14th, but its rating actually disimproved, down from 708 to 695, while Zurich, which also advanced to two places to put it in the top ten at 9, also saw its rating decline.

European financial hubs Frankfurt, Dublin, Paris, and Amsterdam which are seen as key potential beneficiaries of Brexit rose up the ratings. "Protectionism and barriers to global trade concern many - especially in the US". NY saw its rating fall 24 points year-on-year, with investors and businesses showing concern over President Trump's isolationist economic policies. Most global banks now sell their goods and services throughout the bloc from bases in London, but those so-called passporting rights are unlikely to be extended after the United Kingdom quits the European Union in 2019. It ranks 92 cities on a 1,000-point scale, combining data ranging from tax rates to crime from bodies including the World Bank and OECD with survey responses from more than 3,000 people, addressing broad areas including the business environment, infrastructure, human capital and reputation.



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