There are plenty of worries in the City of London that other financial centers are catching up. Now its own league table appears to confirm those fears.
(Bloomberg) — There are plenty of worries in the City of London that other financial centers are catching up. Now its own league table appears to confirm those fears.
New York shares the top spot with London as the world’s leading hub, a report Thursday by the City of London Corp. shows. The research, which benchmarks the competitiveness of financial centers across 95 metrics, found that other hubs like Frankfurt and Paris also boosted their attractiveness at a faster pace than London, whose score increased by only one point.
“Our competitive advantage is at risk,” said Chris Hayward, policy chairman at the City of London Corp. “A long-term plan to stimulate growth in the financial and professional services sector is needed.”
The City of London warned in the report that fewer companies are choosing to list in London, while existing firms are dropping out of its stock exchange, despite changes to rules. Last week, Oxford Nanopore Technologies Plc joined other homegrown firms eyeing a foreign listing amid growing scrutiny of London’s position as a global financial center.
The City of London called for the government to investigate how to convince high-growth industries to “start, stay and scale in the UK.” Ensuring the UK continues to attract foreign talent is another priority, the report said, as overseas employees currently make up 40% of the City’s workforce.
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