Huw Jones

LONDON / Reuters – London continues to be the world’s top financial hub, according to a report from London’s financial district. But, New York and Singapore have outperformed London when it comes to accessing talent. Meanwhile, Paris is gaining more competition from Europe.

According to the City of London Corporation, seven centers were selected for the study. This is in addition to Z/Yen research, which regularly places New York at the top and London at the bottom.

Paris was also included in the 2015 study. It covered five topics, such as regulation and digital talent. London continues to be the most popular overall, while New York trails only Singapore and Hong Kong in closing the gap.

(Graphic on, City of London Graphic: https://fingfx.thomsonreuters.com/gfx/mkt/lgvdwxmndpo/City%20of%20London%20Competitiveness%20Graphic.PNG)

New York continues to be the most important financial hub, while London trails Singapore in terms of resilient business infrastructure, talent, skills and friendly regulatory and law environment.

According to the study, “UK policymakers should ensure their companies continue to have unparalleled access to top global talent.”

“In recent years, UK perceptions as a desirable business environment have deteriorated due to the withdrawal from EU, end of free movement and introduction of new immigration systems.

According to it, total tax paid by UK-based banks and financial services companies is very high. The finance ministry is reviewing https://www.reuters.com/business/finance/britain-review-surcharge-bank-profits-2021-03-03 some of the taxes.

The British finance ministry proposed to the Bank of England that it be given a formal mandate to facilitate London’s competition.

One year has passed since Britain left EU orbit leaving financial sector largely disconnected from it. There are not signs of a Brexit dividend in looser regulation. However, listing rules were relaxed to allow London to catch up to New York in IPOs.