11 September, 2017
In a survey conducted by thinktank Z/Yen, which ranks the world's top financial hubs in terms of attractiveness for the industry, London actually increased its lead over NY amidst concerns for the City's post-Brexit reputation.
"Overall assessments for the European centers continued to fluctuate as people speculate about which centers might benefit from London leaving the EU", Mark Yeandle, associate director of London-based think tank Z/Yen and author of the FCI, said in the study, released Monday.
London is still the world's most attractive financial centre despite doom mongering over Brexit, according to a survey today. NY held on to second place, but fell 24 index points overall, "presumably due to fears over US trade", the survey said.
The index has been released twice yearly since 2007, with the three major Asian centers gradually closing the gap with London and NY over the decade.
The index cited London's business environment, infrastructure and human capital as some of its main strengths, but there were a number of warning signs that should help offset any growing complacency.
Dublin is another city expected to do well in any restructuring of the financial sector caused by Brexit, and it moved up three places to 30th in the rankings.
London nevertheless remained at the top of the global list and its overall rating only declined two points despite the uncertainty surrounding the Brexit negotiations.
"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 this year at the very latest", said Miles Celic, Chief Executive Officer of TheCityUK.
Among all the lingering uncertainty, one thing is assured: London can not simply rely on the insecurity of other financial centres to prop up its position on the world stage.
