London is still top financial centre in world

Julian Harris
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LONDON has held onto its position as the world’s leading financial centre, yet faces increasing competition from Hong Kong, Singapore, Tokyo and Zurich.

The UK’s capital city came out top of the latest Global Financial Centres Index (GFCI), published yesterday. maintaining a 20 point lead above New York.

Yet while London and New York gained 22 points in the rankings, some cities climbed at a sharper rate – thus narrowing the gap between their centres and the top.

Sixth placed Tokyo and fourth placed Singapore both saw 34 point jumps, while fifth placed Zurich was up 32 points according to the GFCI’s 2013 calculations. Hong Kong’s score grew by 28 points, maintaining its third place position in the tables.

“Offshore centres continue to gain ground in GFCI 13 with good improvements in their ratings,” the report also noted. “Jersey and Guernsey remain the leading centres followed by Monaco (which we classify as ‘offshore’) which ranks 35th, up by 25 ranks and 57 points [since last year].”

The report also revealed priorities for people looking to invest in emerging markets. The stability of the macroeconomy, the legal and regulatory environment, and openness of trade are considered the most important factors.