London has lost its crown as the world’s top financial centre to New York, rankings show, in a sign that uncertainty over Brexit is starting to harm the UK capital’s attractiveness.
Banks, brokers and other financial services firms in London are already drawing up plans to shift resources elsewhere in the EU to ensure they can still trade with the bloc once Britain leaves next March.
The global financial centres index by Z/Yen, which ranks cities based on factors such as regulation, wages and infrastructure, showed that New York had toppled London to take the top place for the first time since 2015.
Meanwhile, several European cities — including Frankfurt, Amsterdam and Zurich — rose “significantly” in the rankings, the report said, adding that they may be “the main beneficiaries of the uncertainty caused by Brexit”.
The shake-up comes as US president Donald Trump cuts corporation tax and pursues his financial deregulation agenda in a boon to Wall Street. Some US bankers have called for the UK to follow suit in order to remain competitive post-Brexit. [...]
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