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The City of London is at risk of losing its position as a leading financial centre as New York draws level in the latest global finance rankings.
The report, drawn up by the City of London Corporation, found that other financial centres are threatening to usurp the Square Mile after growing at a faster pace over the last year, with the number of companies leaving the London stock market cited as a key concern.
The study evaluated the performance of the world’s leading financial centres across 95 metrics, including innovation, business infrastructure, talent and skills and regulation.
London received an overall competitiveness score of 60, up from 59 in 2022, while New York increased its score by 2 points to equal London with 60 points
It comes as concerns grow that the City is losing its allure as a financial centre after building material giant CRH announced plans to leave the London stock market for New York, while British technology darling Arm also said it was shunning London for its bumper listing.
The report highlighted that the number of international companies listed in London is falling and fewer international companies are choosing to list in London, despite changes to listing rules.
Chris Hayward, policy chief at the City of London Corporation, said: “The UK remains one of the most open and global financial centres with better access to international markets than the US, France, or Japan. But our competitive advantage is at risk. A long-term plan to stimulate growth in the financial and professional services sector is needed.”
The study ranked Singapore as the world’s third most competitive financial centre with a score of 51. Frankfurt scored 46, Paris scored 43 and Tokyo scored 35.
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