London is once again the World’s leading financial centre.
Figures from the World Economic Forum show London overtaking New York to regain top spot. Sydney also leapfrogged New York into second, while Singapore took fourth spot. The lead for the top cities over the chasing pack narrowed, with the effects of the global financial crisis responsible.
Slightly embarrassingly, London, despite its overall lead, managed to rank below Nigeria, Bangladesh and Columbia for ‘financial stability’ in the survey, which is a criteria reflecting currency and banking stability – bank collapses don’t help on that ranking.
City of London Corporation chairman Stuart Fraser told the Evening Standard: London is the EU’s financial hub and like all other centres suffered during the crisis but it is beginning to show signs of recovery. However, we cannot afford to ignore the threat from rapidly developing countries as economic activity grows in Asia and Latin America.”