London proves Brexit doubters wrong to clinch Europe finance crown
London has again clinched Europe’s financial centre crown, beating back glum predictions that Brexit would knock the capital’s competitiveness on the global stage, a new index out today reveals.
The capital scored well across think tank Z/Yen’s 33rd Global Financial Centres Index (GFCI), helping to to retain the top spot in Europe.
London’s access to a deep worker pool and financial markets, compounded with strong legal oversight and efficient transport system, helped it shrug off its Continental pretenders.
Ranked second globally, the Square Mile beat Paris, which came 14th, Amsterdam (16th) and Frankfurt (17th) to keep pole position in Europe. Amsterdam rose three places on the last survey and Frankfurt rose one. Paris fell four places.
French President, Emmanuel Macron, has tried to lure banks from London to Paris following the Brexit vote.
London’s booming fintech scene was recognised among Z/Yen’s survey respondents, hoisting it up one position to third worldwide, behind New York and San Francisco. No other European city made the top ten.
London was also the best ranked European centre in terms of future prospects. Ranked fifth globally on this measure, 67 survey respondents thought London would do especially well in the future, ahead of cities including New York (56), Shanghai (53), Paris (43), Frankfurt (37) and Amsterdam (30).
Only Seoul, Singapore, Kingali and Hong Kong did better than London in the category.
London still trails New York for the top spot. The Big Apple overtook London in 2018 and the gap between the two is the largest since the index began.
Some 10,252 financial professionals answered the GFCI questionnaire compiled by Z/Yen, a research firm.
Professor Michael Mainelli, Chairman of Z/Yen, said: “The strength of US finance shows through in the latest edition of the Global Financial Centres Index. New York retains a significant first position, and five other US centres are in the top 10.”
“London has maintained its position, showing its strengths in finance, despite Brexit and other politically-induced uncertainties”, he added.