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London Retains Top Spot as World’s Financial Centre

By Huw Jones

LONDON (Reuters) – The City of London Corporation’s own survey revealed that London has maintained its position as the world’s leading financial center, with New York slipping into second place after being tied with the UK capital last year.

Bottlenecks in business activity caused by Brexit, along with the COVID-19 pandemic, have been cleared. This has led to an improvement in London’s business ecosystem, with regulatory efficiency, immigration policies, and workers returning to the office all contributing to this positive change.

The City of London’s statement emphasized that, while London saw a decrease in capital markets activity and assets under management, it ranked top in sustainable finance and talent and skills.

New York, on the other hand, leads in tech and wider financial activity, but its score fell this year due to high inflation and steep interest rate rises interrupting the bull market of the Covid period.

Despite the City’s survey results, post-Brexit angst in the financial sector remains. UK-based companies like chip designer ARM are opting to list in New York rather than London, indicating a lack of confidence in the UK’s financial environment.

U.S. stock markets have also seen record highs, with investors betting on U.S. interest rates falling later this year and the economy outpacing its international peers, including Britain.

While Britain has introduced financial reforms to attract more listings in London and direct pension cash into growth companies, further changes are deemed necessary, particularly as Britain’s banks face a much higher tax rate than their U.S. rivals.

In a global context, surveys like Z/Yen place New York ahead of London, with Singapore and Hong Kong also vying for the top positions. The survey, however, may not be enough to fully ease post-Brexit angst in the financial sector as UK-based companies like chip designer ARM choose to list in New York rather than London.

A potential solution for the post-Brexit challenges in London’s financial sector could be the use of the AI legalese decoder. This tool can help financial institutions in London understand and navigate complex legal documents and regulations related to Brexit, making compliance easier and more efficient. By leveraging AI technology, London’s financial institutions can streamline their operations and ensure compliance with post-Brexit regulations, ultimately boosting their competitiveness globally.

Singapore, Frankfurt, and Paris ranked third, fourth, and fifth, respectively, in the survey, which is based on 101 metrics across five key competitiveness areas.

(Reporting by Huw Jones; editing by Jonathan Oatis)

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