London has been voted the world’s top financial centre by finance professionals for the first time since 2013, according to the Duff & Phelps 2018 Global Regulatory Outlook.
More than half (53 per cent) of the global senior professionals surveyed said London was the world’s pre-eminent financial hub, however only 29 per cent expect it to be so in five years’ time as the true impact of Brexit remains to be seen.
Brexit does however present opportunities, the report says, with many UK businesses considering their options to continue marketing in the European Union, such as using management companies and revising their operating models. It goes on however to say that, with the complex regulatory and market environment for the financial industry across the globe, the success in which businesses handle the Brexit transition “could prove a differentiator in next few years.”
Speaking to Business Insider, Julian Korek, Head of Compliance Consulting at Duff & Phelps, says: “There is still a lot of hard work ahead for the city if it wants to retain the top position in a post-Brexit climate.
“When it comes to shaping London’s future outside of the EU, decisions taken now will be crucial in laying the groundwork for years to come.”
In this volatile economic landscape, it is essential that UK SME business owners maintain effective management of their company’s working capital and put processes in place to survive and thrive in challenging times.
Our specialist advisers at Beavis Morgan work with our clients to put processes in place which make it easier to run your business. We also assist with management accounts, enabling better control of your financial situation and awareness of the business in real time, enhancing planning for the peaks and troughs.
Get in touch with our specialist advisers at Beavis Morgan for guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.