Published On: Mon, Sep 11th, 2017

Brexit news: London beats New York and Frankfurt to be crowned world’s top financial hub | City & Business | Finance

London beat New York, Hong Kong and Singapore to top the rankings of the globe’s financial centre, according to the Z/Yen index.

Paris, Frankfurt, Dublin and Amsterdam have been desperately trying to lure banks and financial firms out of the UK since last year’s Brexit vote.

But none of Europe’s cities managed to make the top 10 in the index, which ranks the competitiveness of more than 100 metropolis, with Frankfurt coming in at only a lowly 11th place.

New York came in second place, with a score of 756 – far short of London’s 780.

Hong Kong and Singapore were in third and fourth place with scores of 744 and 742 respectively.

London’s ranking is two points below last year, whereas New York’s score fell by 24.

Britain’s capital was found to be top for business environment, human capital, infrastructure, financial sector development and reputation, as well as banking, investment management and professional services.

Z/Yen index report author Mark Yeandle told City A.M: “Even if London comes out of the EU, it’s still going to have sterling, it’s still going to have the English language, it’s still going to be in the European timezone.

“London’s still got availability of excellent skilled labour, London’s still got a spirit of innovation.

“It’s still got so many institutions – not just the stock exchange, but the Baltic Exchange, and Lloyd’s.

“The world trades in London.

“And even outside of the EU, those things aren’t going to evaporate overnight.”

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