A new report by the think-tank New Financial named Britain “the dominant European financial center by far,” overshadowed on the global scale by the US.
UK’s overall score, according to the index, is 40, which is more than 50% higher than Luxembourg and nearly double that of Germany or France.
A new perspective on financial centres around the world: we’ve published our new ranking of financial centres based on the value and scale of banking and finance activity https://t.co/g1puXRJeen pic.twitter.com/oggAAzPHKY
— New Financial (@NewFinancialLLP) September 5, 2018
The researchers believe that despite the uncertainty around the Brexit process, Britain still holds top position, with “no other European financial center is going to displace London anytime soon.”
The UK Office of National Statistics August report stressed that abstracting from the quarterly movements, the underlying trend in Britain’s real GDP was one of slowing growth.
The New Financial think-tank named China the “rising star” of the financial world, treading ahead of Japan and Hong Kong.
“This is mainly because China has a big domestic financial sector, which compensates for its relatively weak performance as an international financial center and low score in non-financial metrics. Asian countries account for four of the top 10 financial centers,” the report said.
When it comes to the non-financial sector metrics such as quality of life, infrastructure and human capital, the otherwise leading US drops down to the 16th place, while smaller states, such as the Switzerland, Luxembourg and Ireland, replace it at the top.
The New Financial international financial centers index has analyzed 48 countries across 42 different metrics.
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