The FT has reported that:
London has swapped places with New York to become the world's leading financial centre, according to a detailed study of 86 cities.
Michael Mainelli, chairman of the think-tank Z/Yen which produced the report, attributed London's better showing to reduced uncertainty following the general election, which produced a surprise win for the Conservatives.
The desire to turn the UK into a tax haven - quietly and even explicitly promoted for the last 20 or so years - continues and is rewarded in that case.
It's a sad indictment of the poverty of our economy, political thinking, commitment to inequality that the City symbolises and our failure to rebalance our economy that tax haven UK, that has been recognised by this ranking, remains so dominant.
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Sensible Americans will be pleased. The idea of a smaller Wall St will be quite popular.
You have my commiserations.
Aah London, a town so good even Barry Manilow wrote a tune about it. From the naughty apartments of Paddington to the fun pubs of the East End, a wealthy foreign gentleman can find a lot of places for thrills which other financial centres cannot match.
I notice the Z/Yen think tank have used a lot of survey ( i.e. subjective ) data of HNW individuals in their analysis, and you have to suspect the joy of London life as a rich person is one of the reasons London has regained top spot in their rankings.
A survey of people with overdrafts would yield a different outcome no doubt.
As an overdraft occupant myself, I couldn’t agree more.