London has surrendered its position as the world’s top financial centre to New York due in part to uncertainty over Brexit, according to a survey of senior financial services executives.
London suffered a 19 percentage point decline as just over one-third of executives said they would choose the UK’s capital — down from 53 per cent in 2018.
Meanwhile 56 per cent said they considered New York to be the world’s pre-eminent financial hub — up from 42 per cent in 2018.
“It is difficult to avoid the suspicion that three years of uncertainty since the Brexit vote has contributed to London’s fall,” said Monique Melis, the global head of regulation and compliance at Duff & Phelps, the consultancy that conducted the survey.
“While London was still considered the pre-eminent financial hub in 2018, it could be that the shockwaves of the EU negotiations have started to show.”
However Ms Melis suggested that Boris Johnson’s thumping general election victory last month, which has paved the way for the UK’s exit from the EU on Friday, could give London a boost.
“If this is the primary reason for London’s changing fortunes, then the resolution of the UK’s departure could see it bouncing back,” she added. [...]
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