Responding to today’s Z/Yen report showing London holding onto second place in a ranking of the world’s top financial centres, Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“In what is undoubtedly a challenging time, London maintaining its position as the world’s second-ranked top financial centre is an affirmation of its fundamental strengths. The City’s status as a global financial capital is reflected in its unique combination of time zone, language, legal system, global talent, and financial ecosystem. Recent data has also shown London emphatically holding onto its crown as the world’s leading foreign exchange centre.

“But we cannot afford to be complacent, particularly at this time. Sustained Brexit uncertainty is leaving business with its hands tied, reluctant to make everyday decisions on recruitment, expansion, and investment. Day by day, as uncertainty persists, so does the threat of more businesses moving jobs and operations away from the UK.

“Avoiding a no-deal Brexit would give us the best platform to build on the capital’s strong foundation, shoring up our path to success as a global financial centre after Brexit and beyond.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk