London Is Still Top Global Financial-Services Location, New Study Says
By Joe Hoppe
London continues to be the top spot in the world for financial
and professional services overall, according to new data released
Thursday from the City of London Corp.
The U.K. capital continues to perform strongly across all key
dimensions, with an overall competitiveness score of 61, followed
by New York with 58 and Singapore with 53, according to the latest
report by the municipal governing body.
The research is the second annual study of the U.K.'s global
business offering, taking into account 95 different metrics,
including new areas like green-finance activity.
Areas where London excelled include the U.K.'s unmatched
international financial reach, its position as a capital for tech
and innovation--being home to more than one-quarter of Europe's
unicorns--and its share of Fortune Global 500 company headquarters
increasing by one-third over the past year, it said.
However, the research also identified areas to improve and the
U.K. can't afford to be complacent, the corporation said. It called
for improved workforce and wider population skill levels, which it
said trailed the likes of Singapore, Japan and Hong Kong, and said
that Brexit has damaged perceptions of the U.K. as an attractive
business environment for international talent in recent years.
"In order to remain globally competitive, we must future-proof
the sector by improving digital skills and infrastructure. Our tax
rates must remain globally competitive and, crucially, we need to
remain open--and be seen to be open--to the very best talent from
across the globe," City of London policy chair Catherine McGuinness
Write to Joe Hoppe at email@example.com
(END) Dow Jones Newswires
January 27, 2022 05:16 ET (10:16 GMT)
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