London remains world No 1 for finance

SkyNews — London remains the world’s most attractive financial centre, though some European rivals are gaining ground in the wake of the Brexit vote, according to a survey.

The Z/Yen global financial centres index, which ranks cities on things such as financial infrastructure and jobs, showed that while the City extended its lead over its nearest rival, New York, cities including Frankfurt and Dublin were climbing the league table.

That was largely attributed to a growing number of firms in the sector looking to hedge their bets – given continuing Brexit uncertainty – by either planning to open new offices or boost staffing in such cities in order to maintain access to EU customers and markets after the UK leaves.

The report found Frankfurt – home to the European Central Bank – moving up to 11th in the world league table from 23rd a year ago. Dublin stood in 30th place, up from 33rd.

TheCityUK, which represents London’s financial sector, said the findings should not be greeted with complacency and appealed for more information from the Government on its plans for a transition period after the UK is due to leave the EU in 2019.