London retains European financial crown despite Brexit

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London retained the European top spot in the latest Financial Centre Index (GFCI) and came second only to New York in the global rankings.

New York came out on top in the latest Global Financial Centres Index, while London held on to second place as Chinese cities slipped according to a report published today (Friday) by the Z/Yen Group.

The index, in partnership with think-tank China Development Institute, is being celebrated in London especially after Brexit as Britain forged its own way ahead in financial markets across the world since last December.

A GFCI statement said:

“The relatively strong performance of New York and London suggests that the financial services sectors in these cities managed to sustain their performance despite radical changes in working practices during the last 18 months.”

Michael Mainelli, Executive Chairman of Z/Yen said:

“We see two patterns in the results for GFCI 30 – confidence in the recovery of the North American and Western European economies following the shock of 2020; and a levelling off following the rapid rise of Asia/Pacific centres and their economic stability in the COVID-19 pandemic.

“Competition remains tight. Outside the top two centres, only five points on a 1,000 point scale separate the centres ranked third to eighth.”

Hong Kong and Singapore in third and fourth position both fell 25 points in the ratings.

In their survey of fintech centres, New York and Shanghai retained first and second positions, with London rising two places to third place as Britain makes fintech-friendly policies a priority.

GFCI September 2021 rankings

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