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London and the UK's competitive strengths supporting investment and growth
The 2025 City of London Benchmarking Analysis confirms that London remains the top global financial centre for the fifth year. It retains its #1 ranking among seven leading global financial centres.
Key Highlights
- Tech Leadership: London improved its score in technology. The UK boasts Europe’s largest tech ecosystem and ranks second globally, behind only the US. It’s also a global leader in fintech adoption.
- Talent & Skills: London’s Talent and Skills score remained stable. However, challenges persist in workforce training, as UK businesses often view training as a benefit to employees rather than a business investment.
- AI and Data Infrastructure: The UK excels in AI adoption, supported by the third-highest number of data centres globally, but needs to improve data and energy infrastructure.
The UK FS Industry: A Key Economic Driver
The UK’s financial services (FS) industry is one of the most important drivers of economic growth. The government’s Industrial Strategy, launched at the Guildhall, recognises the significance of the FS industry in producing economic output and supporting the wider economy.
- The FS industry accounts for 13% of the UK’s economic output (£294bn in 2023).
- It employs nearly 1.1 million people, with another 1.4 million in related professional services.
The wider financial and professional services (FPS) industry contributed £110bn in tax revenue in 2023, or 12% of total tax revenue.
While London leads, the report highlights key challenges for the UK’s financial services sector:
- Declining Market Size and Volume: The absolute size and activity levels in financial markets have decreased.
- Global Challenges: Similar headwinds are affecting all financial centres in the study.
Looking Ahead
The report underscores the need for sustained investment in infrastructure, workforce training, and innovation to maintain London’s leadership in a competitive and evolving global market.
