Business

London remains world's top financial centre, S'pore in 4th place

FRANKFURT/LONDON: London remains the most attractive financial centre, extending its lead over New York despite Britain's looming departure from the European Union, a survey found yesterday.

Britain's impending departure from the trading bloc has led to some politicians and economists predicting London will lose its pre-eminent status as a financial centre, but there are few signs of that happening yet.

London was placed first, followed by New York, Hong Kong and Singapore in the Z/Yen global financial centres index, which ranks 92 financial centres on factors such as infrastructure and access to high quality staff.

New York was 24 points behind the British capital, the biggest gap since the survey started in 2007. New York's ranking fell 24 points from last year, the largest drop among the top contenders, a dip the survey's authors said was "presumably due to fears over US trade".

US President Donald Trump has pulled out of a planned trans-Pacific trade agreement and is pursuing a more isolationist economic policy.

Britain's most powerful financial lobby group, TheCityUK, cautioned against complacency and called for clarity on its transitional arrangements for leaving the EU, which will apply beyond April 2019, when Britain is due to formally leave.- REUTERS

Financeunited kingdommoney