London remains the top global financial centre, according to a study from its own financial district, but is outgunned by New York and Singapore in access to talent, while Paris is adding competition from the European Union.
The study from the City of London Corporation selected seven centres that feature in other research on financial hubs, such as Z/Yen, which consistently puts New York in the top spot and London second.
The
study, which added Paris this year, looked at five areas like digital
skills, regulation and talent. While London remains top overall from
last year, New York is only slightly behind and closing the gap,
followed by Singapore, Frankfurt, Paris, Hong Kong and Tokyo.
City of London Graphic
New
York remains by far the biggest financial centre, while London lags
Singapore in resilient business infrastructure, access to talent and
skills, and a friendly regulatory and legal environment.
"UK
policymakers need to guarantee that its businesses continue to enjoy
unrivalled access to the best of global talent," the study said.
"Withdrawal
from the EU, the end of freedom of movement and the introduction of a
new immigration system have damaged perceptions of the UK as an
attractive business environment for international talent in recent
years."
Total tax for UK-based financial services firms, in particular banks, is also relatively high, it said. The finance ministry is reviewing some of the taxes.
Britain's finance ministry has proposed that the Bank of England has a formal remit to "facilitate" London's competitiveness...
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