On Monday, a survey found that despite Britain’s looming departure from the European Union, London still holds its leading position in finance world and extends its lead over New York. Some politicians and economists had envisioned that due to departure from the Union, London will lose its prominence as one of the most attractive financial center.
Top Two Positions Has the Biggest Gap Among Top Contenders Due to Fears Over US Trade
According to this survey, London gained the top most position followed by New York. Hong Kong held the third position followed by Singapore. This study has considered 92 financial centers and ranked them based on various factors such as access to high-quality staff and infrastructure. This survey started in the year 2007 and New York was 24 points behind the leading capital. This was the biggest gap between them since the inception of this survey. The biggest gap among the top contenders of 24 points from last year is estimated to be happened due to fears over US trade.
Donald Trump, since the beginning of his presidency, is pursuing an isolationist economic policy and pulled the nation out of a planned trans-Pacific trade agreement. Whereas, TheCityUK, Britain’s most significant financial lobby group, due to leaving the EU is cautioned against complacency. The group also called for clarity on its transitional arrangements. Chief Executive Officer of TheCityUK, Miles Celic, said that many firms are already activating their contingency plans and other will follow them if they aren’t confirmed.
This report also state that Frankfurt ranked at 11th from its 23rd position a year ago and Dublin acquired the position of 30th from 33rd.