According a report produced by chairman of think tank Z/Yen, Michael Mainelli, London has replaced New York as the world’s leading financial centre after the Conservative win in the general election and lack of uncertainty regarding taxation.
Alongside this, the Financial Times explains that immigration has not improved or worsened and in turn, has become a concern for all EU countries. Mainelli explains that “you can’t have an international financial centre without international people.” To combat this problem, a referendum will be held on EU membership in 2016 or 2017.
3,200 financial professionals were questioned about their cost of living, office space, quality of internet, transport infrastructure, measures of corruption and political stability.
The ranking is measured on the basis that a city is able to “be flexible and adapt”, according to lobby group, TheCityUK. With New York in second place, Hong Kong, Singapore and Tokyo remained three to five, but Mainelli highlighted that movements in the top five were due to small changes in data.
Toronto, San Francisco and Washington DC all made it into the top 10 but Riyadh fell 43 places to 57th.
The FT also explained that European countries did well as Frankfurt rose five places to move ahead of Luxembourg and Warsaw rose 26 places. Dublin also moved up six places, but Mainelli said that the city had had a difficult time bouncing back from the crisis. “There’s a lot of confidence that Dublin is out there to grab business in wholesale financial markets,” Mainelli said.