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London loses top financial centre ranking

Sky News logo Sky News 12/09/2018
City of London © PA City of London

London has lost its status as the world's top financial centre, according to rankings showing gains for post-Brexit rivals.

The latest Z/Yen Global Financial Centres Index showed New York overtaking the UK's capital for the first time since 2015.

The City think tank, which compiles its lists using data and responses to a survey, said there was evidence London had been knocked, but only slightly, by uncertainty over Brexit.

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Rivals within the EU for financial services business currently in the UK were among the cities making the greatest strides, the report said.

"Zurich, Frankfurt, Amsterdam, Vienna, and Milan moved up the rankings significantly.

"These centres may be the main beneficiaries of the uncertainty caused by Brexit.

"Surprisingly, despite some evident success in attracting new business, Dublin, Munich, Hamburg, Copenhagen, and Stockholm fell in the rankings, reflecting respondents' views of their future prospects," the study added.

New York topped the rankings despite seeing its overall score dip, alongside that of London.

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