London to shoot to second spot in global business race by 2025

LONDON will become the world’s second-best city to do business in by 2025, jumping four places from its current ranking, according to a report released yesterday.

Citigroup, in conjunction with the Economist Intelligence Unit, said that London is particularly strong in terms of its financial markets, its infrastructure, and its global appeal.

The report predicted that London will be the second-most competitive city in the world in 12 years’ time, leapfrogging Singapore, Hong Kong, Tokyo and Paris. The set of criteria used gave London a score of 73.1 out of 100, putting it only behind New York’s 75.7. Birmingham will rise three places to 43 with a score of 55.8.

“[London] remains a magnet of opportunity for businesses and people, although a tightening of immigration rules has made hiring foreign nationals more difficult,” the report said, adding that the capital’s infrastructure had been boosted by the bid for the 2012 Olympic Games. Yet it warned that human capital – the quality of education and healthcare – was woefully under-par, ranking 44th.