5 March 2009
New research: fifth Global Financial Centres Index
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.
Download the report
Ends
Press contact
Laura Citron
Tel: 020 7332 1835
Mob: 07784 295 736
Email:
laura.citron@cityoflondon.gov.uk