LONDON, March 15 New York has knocked London
from its position as the world's leading global financial centre
after seven years, according to the Global Financial Centres
Index compiled by London-based consultancy Z/Yen.
London slipped from the top of the global rankings, scoring
784 against 786 for New York, because a series of own goals had
tarnished its reputation, the report said.
"London sees the largest fall in the top 50 centres," said
Mark Yeandle, report author and associate director of Z/Yen, in
a statement on the group's website.
"This seems to be based on a number of factors including
... uncertainty over Europe, the perception that London might be
becoming less welcoming to foreigners and perceived levels of
Hong Kong and Singapore took third and fourth spots
respectively, the same as a year ago, the survey showed.
But the gap between the "Big Four" and the chasing pack, led
by Zurich, Tokyo and Seoul, was narrowing, it said.
Middle East centres, such as Qatar, Dubai and Riyadh, which
took places 26, 29 and 31 respectively, continued to rise in the
index, while 23 of the 27 European centres declined in rank.
TheCityUK, a lobby group for British financial and
professional services, said London slipping from the top spot
should be a wake-up call for Europe's policymakers.
"London is Europe's financial centre and is hugely important
to the continent's ability to finance growth and create jobs by
attracting global investors," said Chris Cummings, chief
executive of TheCityUK.
The Global Financial Centres Index is complied from
assessments completed by 3,246 financial services professionals,
(Reporting by Paul Sandle; Editing by Susan Fenton)