THE CITY’S “unparalleled critical mass of talent” and international focus have secured its place as a long-term hub for financial firms, according to research by Ipsos MORI.
The survey of 40 financial services professionals from around the world showed that firms view proximity to clients, an area’s business climate and availability of local skilled staff as the three most important factors when choosing where to locate a business.
London was seen as a long-term pool of talent with the best international links in the world, partly due to its timezone.
But the respondents saw banker bashing, regulatory reform and the UK’s strict immigration rules as the most unstable aspects of being based in London.
“In an increasingly competitive global marketplace, where capital and talent are highly mobile, it is vital that we pay heed to the way in which location decisions are made so that firms continue to choose to be based in London and continue to provide huge economic benefits for the UK for many years to come,” said Stuart Fraser of the City of London Corporation, which commissioned the research.