Responding to the latest Z/Yen Global Financial Centres Index, which shows London has overtaken New York to be ranked the world’s number one global financial centre, Chris Cummings, Chief Executive, TheCityUK, commented:
These figures reinforce that when we talk of truly global financial centres, London really does stand above the rest. Over and above historic factors such as time zone and language, London is showing that it adapts to change to remain the world leading hub for financial and related professional services. The industry is a driver of economic growth and continues to be at the heart of new efforts to boost London and the UK's international attractiveness, and forge deeper links with both emerging and developed economies - the Chancellor's visit to China this week being a prime example.
This doesn't mean we can afford to take our eye off the ball. London faces stiff challenges from other established centres, not just New York and the likes of Singapore, but also emerging centres in Asia, the Middle East and Africa. But it is the future of the UK's relationship with the EU which is arguably the most pressing issue.
London is Europe's financial centre. This is one of the factors that attracts businesses from around the world to set up base here - it is their gateway to the EU. Evidence shows that for the industry, remaining part of the EU is critical, but reform is essential.
We continue to engage with policymakers in EU Member States and in Brussels to build support for reform and put forward measures for practical, achievable measures which will drive sustained economic growth, deliver high value jobs and boost the global competitiveness of the entire region. This will only further strengthen London's status as the leading global financial centre.