The latest Z/Yen Global Financial Centre Index has once again found London to be the world’s leading finance centre. The index, now it its 22 edition, found that not only had London retained the top spot, but the city has extended its lead over other competing global centres.
Responding to the news, Miles Celic, Chief Executive Officer, TheCityUK, said,
London continues to be recognised as the world's leading international financial centre, underlining the strength and breadth of its ecosystem and its global competitiveness.
It has the leading share of many international financial markets. The UK industry generates a larger financial service trade surplus than any other country and attracts high levels of foreign direct investment. It is also highly globally connected, one of the greatest signals of a truly thriving financial centre.
The report rightly notes the continued attractiveness to the industry of doing business in the UK. But to ensure London and the UK retains that world-class position into the future, it needs to be highly innovative and digitised and better able to meet the changing needs of customers. With other financial centres across the world developing specialities, complacency is not an option. The right Brexit deal will also be a critical component. With that in mind, the most urgent and immediate priority for the industry from the negotiations is clarity on time-limited and legally-binding transitional arrangements. 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.
The Z/Yen Global Financial Centre Index can be found here.