London is the top global finance center, but lags behind in key areas, research says.


London — London continues to be the world’s top financial center, according to a survey of its financial district, but beats New York and Singapore in access to talent while Paris is intensifying competition with the European Union. I am.

A study by the City of London Corporation selected seven centers featured in other surveys on financial hubs, including Z / Yen, which always ranks New York first and London second.

This year’s survey, which added Paris this year, focused on five areas: digital skills, regulation, and talent. London has been at the top overall since last year, but New York is closing the gap slightly later, followed by Singapore, Frankfurt, Paris, Hong Kong and Tokyo.

New York remains the largest financial center, and London lags Singapore in its resilient business infrastructure, access to talent and skills, and amicable regulatory and legal environment.

“British policy makers need to ensure that their businesses continue to enjoy unparalleled access to the world’s best talent,” the study said.

“Withdrawal from the EU, the end of freedom of movement and the introduction of a new immigration system have undermined the UK’s perception of an attractive business environment for international talent in recent years.”

UK-based financial services companies, especially banks, also have relatively high total taxes, he said. The Treasury is reviewing some taxes.

The UK Treasury has proposed that the Bank of England has formal authority to “promote” London’s competitiveness.

A year after the UK left the EU and the financial sector was significantly separated from the block, listing rules were relaxed to help London catch up with New York at the IPO, but the “Brexit dividend” was added to the deregulation. There are no signs of. ..

Hugh Jones

Reuters

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