London remains dominant as the most attractive financial centre of the world this year increasing the lead over New York. Britain’s exit from the EU trading bloc has encouraged some politicians, economists and columnists to predict London will lose its pre-eminent status as a financial centre, in reality there are few signs of this happening.
From a survey London came first place, followed by New York, Hong Kong and Singapore in a Z/Yen global financial centres index (GFCI), this ranks 92 financial centres on prevailing conditions such as infrastructure and access to high quality staff. New York came in 24 points below the British capital, the biggest gap between the two since the survey started in 2007.
There has however been and increase in the number of banks saying they plan to set up new EU subsidiaries with most major U.S., British and Japanese banks saying they will establish units in Frankfurt or Dublin. Wether these move come to fruition remains to be seen but Frankfurt has climbed to 11th place from 23rd and Dublin has gone from 33rd to 30th.