London overtakes New York as the world's best financial center

Baku. 24 September. REPORT.AZ/ London is the most competitive financial centre in the world, overtaking New York and utterly dominating the rankings compiled by analysts at the Z/Yen Group this year, Report informs referring to foreign media.

The capital topped every single category in the index, with the best business environment, the most developed financial centre, the most impressive infrastructure, the best human capital and the top overall reputation.

New York is the second best financial centre, followed by Hong Kong, Singapore and Tokyo.

London received a substantial boost from the Conservative victory in May’s general election, the Global Financial Centres Index report said. Labour, led at the time by Ed Miliband, was notably more hostile to business in the run-up to the vote.

The rejection of independence by Scottish voters was also a positive, with foreigners assessing the stability of London and Britain as a place to do business.

The depth and breadth of business activity also helped, with the strength of the professional services and insurance industries alongside banking giving London a boost in the rankings.