The Fringe | Conspiracy, News, Politics, and Fun Forum!

Full Version: New York replaces London as top financial center
You're currently viewing a stripped down version of our content. View the full version with proper formatting.

London is no longer the world’s top financial center and Brexit is to blame, according to a survey, which shows New York City taking the crown.
The Global Financial Centers Index, produced by the China Development Institute and London-based think tank Z/Yen Partners, is published biannually and was created in 2005.
New York overtook the U.K. capital by just two points, and both cities saw their overall scores fall.

Still, the result is notable, as the financial community had been worrying and disagreeing about how London’s standing as a financial services powerhouse would be affected by the U.K.’s exit from the European Union, which is due to become final in March 2019.
Brexit has led to struggles in Prime Minister Theresa May’s cabinet, which saw numerous resignations over the summer. Expectation for a smooth transition have been on the rise. Earlier this week, the EU’s chief Brexit negotiator, Michel Barnier, said a deal between London and Brussels could be agreed within six to eight weeks.
Still, participants in the online survey complained that Brexit was creating uncertainty for businesses as well as their employees, pointing to Frankfurt as one of the main beneficiaries of new business in the post-Brexit world.

Indeed, the report showed that in Western Europe, “Zurich, Frankfurt, Amsterdam, Vienna and Milan moved up in the rankings significantly. These centers may be the main beneficiaries of the uncertainty caused by Brexit.” That said, Dublin, Munich, Hamburg, Copenhagen and Stockholm fell in the rankings,


Uncertainty surrounding the U.K.’s departure from the EU has seen New York overtake London as the financial center of the world, according to a new survey of financial professionals.
U.S. consultancy firm Duff & Phelps published its 2019 Global Regulatory Outlook on Thursday. As part of the research, analysts surveyed 183 financial services professionals from 15 countries between March and April this year.

London and New York switched places in the ranking from 2018, with 52% of respondents choosing New York as the globe’s financial hub, while 36% chose London. Last year, 42% chose New York and 53% chose London.
The U.K. capital’s longer-term outlook looked even more bleak, with just 21% of those surveyed saying London would be the world’s more preeminent financial center in five years’ time. Meanwhile, 44% of respondents predicted New York would be the financial center of the world five years from now.
Hong Kong was predicted to see a rise in importance as a financial hub – although only 4% of respondents named the Asian hub as the global financial center in 2019, 12% said it would steal the crown from both New York and London within half a decade.