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This is the fourth edition of the City of London Corporation’s international competitiveness study, which uses more than 100 independent metrics to evaluate the top seven global financial centres (GFCs).
The 2024 City of London Benchmarking analysis shows that London is the top GFC in the world.
Against a global backdrop of inflation and soaring interest rates in 2022, all the financial centres in this study saw a decline in capital markets activity. But London retained its position as a top centre for international banking, bond issuance and trading, foreign exchange, and insurance.
At the same time London increased its scores under two key competitiveness factors: regulatory and legal environment, and talent and skills. Bottlenecks that were restricting business activity have been released through effective legislation and policy. London’s business ecosystem has benefitted from regulatory efficiency, immigration policies and return to office policies, improving its competitiveness.
This position cannot be taken for granted, however. To ensure London remains competitive in the next decade, the City of London Corporation has launched Vision for Economic Growth, a roadmap that outlines recommendations to drive growth and improve outcomes for the financial services industry.
This report references the ‘big moves’ recommended in the Vision for Economic Growth report and links them to the data that will demonstrate progress. The change in economic cycle, competition for global talent and cost of living crisis are all real obstacles facing the financial and professional services (FPS) industry, in the UK and abroad. By taking regular stock of the UK’s position, through the lens of objective data and analysis, we will be in a position to meet these head-on and thrive on the global stage.
To accompany the launch, we welcomed an expert panel to discuss the international competitiveness of the UK’s financial and professional services (FPS) industry. Watch the full discussion.