Financial centres worldwide are suffering as a result of the economic crisis, according to new research published today by the City of London Corporation. All 62 centres saw their ratings fall since the last Global Financial Centres Index (GFCI) report six months ago.
London and New York remain in first and second place respectively. Centres at the top of the table seem more resilient to the current crisis, losing fewer points than centres lower down the rankings.
Lord Mayor of the City of London Ian Luder said:
“This research confirms that the financial services industry in countries around the world has been seriously damaged by the crisis. Our task now is to climb out of the despair and to restore a sense of proportion and reality. We need to move to the reconstruction phase immediately.”
Sir Michael Snyder of the Policy and Resources Committee of the City of London Corporation said:“These new results demonstrate London’s resilience: although London’s rating has dropped, it remains the world’s top financial centre.”
The GFCI tracks the underlying competitiveness of the world’s financial centres. It is published every six months by the City of London Corporation. The rankings are compiled by Z/Yen Group from surveys of finance professionals around the world and competitiveness indicators. The survey responses were collected between July and December 2008.
As in previous GFCI reports, respondents rated the quality of the business environment – especially regulation and taxation – as the most important factor for a centre’s competitiveness.
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