London’s position as a leading financial hub is being challenged by other financial centers, according to a league table by the City of London Corp. New York shares the top spot with London, with Frankfurt and Paris gaining ground at a faster pace. The report analyzed 95 metrics to measure the competitiveness of financial centers, and London’s score only increased by one point. The findings have raised concerns over London’s competitive advantage, with the City of London Corp. calling for a long-term plan to stimulate growth in the financial and professional services sector.
Chris Hayward, the policy chairman at the City of London Corp, expressed concerns over London’s competitive advantage being at risk and called for a long-term plan to stimulate growth in the financial and professional services sector. The City of London Corp report also revealed that fewer companies are choosing to list in London and existing firms are leaving its stock exchange, despite recent rule changes.
These concerns have been highlighted as Oxford Nanopore Technologies Plc recently announced its plan to seek a foreign listing, which has raised questions about London’s position as a global financial center. The City of London Corp has urged the government to investigate how to encourage high-growth industries to “start, stay and scale in the UK,” and to prioritize attracting foreign talent, which currently comprises 40% of the City’s workforce.
The report by the City of London Corp. highlights the need for the government to take action to encourage high-growth industries to establish themselves, expand and thrive in the UK, which will help maintain the country’s status as a global financial hub. The report also stresses the importance of attracting foreign talent to work in the City, as overseas employees currently make up a significant portion of its workforce.
Therefore, the government must take steps to ensure that the UK remains an attractive destination for highly skilled professionals, even in the face of increasing competition from other financial centers around the world.