London slips behind New York as world’s financial capital, survey says
London has fallen behind New York as the city that most represents the world's financial centre, according to a report released today.
A survey of finance professionals by consultants Duff & Phelps found 52 per cent of respondents chose New York as the world's pre-eminent financial centre, up from 42 per cent a year previously, and 36 per cent chose London, down from 53 per cent the previous year.
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“Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis. Reflecting this, New York and London have switched places, as the share of those choosing the City as pre-eminent dropped from slightly more than half to slightly more than one-third,” the report said.
Looking forward at which city would be the centre of world finance in five years time 44 per cent chose New York, down from 52 per cent last year, while just 21 per cent selected London, down from 29 per cent in 2018.
Hong Kong was selected by 12 per cent of respondents as the likely pre-eminent global financial centre in 2024.
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Other cities mentioned include Shanghai, Dublin, Frankfurt and Luxembourg.
Monique Melis of Duff & Phelps, said: “Brexit has cast a shadow of uncertainty over the UK’s world-class financial sector and its ability to dominate other major financial hubs in the coming years.
"Looking ahead, we see the combined effects of Brexit and the emergence of Asia with respondents expecting Hong Kong to play a bigger role as a leading global financial centre.”