Big Apple ousts London as money hub

– New York has overtaken London as the world’s most attractive financial centre, a survey said yesterday, as Britain’s decision to leave the European Union prompts banks to shift jobs out of the city to preserve access to Europe’s single market.

Brexit poses the biggest challenge to the City of London’s finance industry since the 20072009 financial crisis, since it might mean banks and insurers

London

lose access to the EU, the world’s biggest trading bloc.

New York took first place, followed by London, Hong Kong and Singapore in the Z/Yen global financial centres index, which ranks 100 financial centres on factors such as infrastructure and access to quality staff.

London’s ranking fell by eight points from six months ago – the biggest decline among the top contenders. The survey’s authors said the drop reflected the uncertainty around Brexit.

“We are getting closer to exit day and still don’t know whether London will be able to trade with all the other European financial centres,” Mark Yeandle, the co-creator of the index, said.

“The fear of losing business to other centres is driving the slight decline and people are concerned about London’s competitiveness.” – Reuters