New York and London are top financial hubs, research shows

15 March 2010

New York and London have been ranked as joint first in a new survey of global financial centres.

Research conducted by the City of London Corporation revealed that London’s ranking fell by 15 points to 775 meaning that the UK’s capital is now on the same rating as New York.

The US city’s standing in the ratings, which were compiled by Z/Yen Group between July and December 2009, remained the same when compared with the results of the last survey published in September 2009.

Stuart Fraser, policy chairman at the City of London Corporation, said: “'Although London and New York have always led the pack, this research is a wake-up call for decision-makers that our standing as a world-leading global financial centre should not be taken for granted.

“Damage has been done to the Square Mile's perceived competitiveness relative to New York but this is not irreversible provided the new incoming government – regardless of political persuasion - makes a clear, positive statement on their "direction of travel" with regard to tax and regulation.”

Further findings from the survey revealed that London was one of four cities to see their ratings fall.

Shenzhen, Guernsey and Dublin were the other centres which saw a dip in their rankings.

The report used various indicators and expert opinion to track the competitiveness of financial centres.

By Jim Ottewill

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