won’t lose the unfettered access to European
markets that has underpinned growth for more
than four decades.
“Services are the lifeblood of the U.K. economy
and vital to its growth,” said Catherine
McGuinness, policy chair at the City of London
Corp., the historic base for the U.K. financial
services industry. “Politicians across the spectrum
should recognize that financial and professional
services make a significant contribution,
employing 2.3 million people across the country
- two-thirds outside of London.”
The U.K. financial industry, whose roots stretch
back to the investors who financed the British
Empire and insured its ships, has flourished
as a gateway to Europe for companies from
around the world. That helped make London
the world’s top financial center, before Brexit
eroded its advantages.
New York moved past London into the top
spot last year, according to a ranking of 114
financial centers compiled by Z/Yen, a London-
based commercial think tank, and the China
Development Group.
In the most recent rankings, published in
September, London dropped further behind
New York, with Hong Kong just behind in third
place. The Global Financial Services Index is
based on information provided by more than
3,300 financial professionals around the world.
“Respondents in London continue to be less
optimistic than those in other centers, reflecting
the continuing uncertainty about future trading
relations with the E.U. and the rest of the world
after Brexit,” the report said.