London has once again beaten rivals New York, Hong Kong and Singapore to the top spot as the world’s number one financial centre.
Scoring top points for business environment, human capital, infrastructure, financial sector development and reputation, London was also ranked highly for banking, investment management, professional services and the government and regulatory sub-sectors of financial services.
The Z/Yen index, which analyses the competitiveness of over 100 cities and territories across 20 different categories, shows that despite political uncertainty London experienced the lowest drop (-2) of all the top 10 cities, with New York the experiencing highest drop (-24).
Brexit could however threaten London’s position, with Frankfurt, Paris, Dublin and Amsterdam, all of which added to their scores, hoping to benefit from London firms looking to shift resources to the EU.
Commenting on the report, Catherine McGuinness, City of London Corporation Policy Chairman, says: “The UK has ranked top of this survey for the last two years, thanks to its technological innovations, financial infrastructure, regulatory frameworks and its ability to attract international talent.
“But the sector is approaching a precipice. Firms do not yet know how they are expected to conduct business here in the short or long term. If we don’t have progress on Brexit negotiations, firms based here will have no choice but to relocate some elements of their business elsewhere.”
At Beavis Morgan, our dedicated Entrepreneur Support Team based in London works with entrepreneurial people in the fintech sector, assisting with starting up, fundraising and investment, and advising on business growth and development, whilst all the time helping you navigate the maze of often complex tax issues.
We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.
Contact Steve Govey for advice on how we can assist you and your fintech business, and Paul Ashton for further information about how we can help you secure the right investment opportunity in the UK.
Further reading: Click here to read more about our services to Chinese investors starting up in the UK.