By Joe Hoppe


London continues to be the top spot in the world for financial and professional services overall, according to new data released Thursday from the City of London Corp.

The U.K. capital continues to perform strongly across all key dimensions, with an overall competitiveness score of 61, followed by New York with 58 and Singapore with 53, according to the latest report by the municipal governing body.

The research is the second annual study of the U.K.'s global business offering, taking into account 95 different metrics, including new areas like green-finance activity.

Areas where London excelled include the U.K.'s unmatched international financial reach, its position as a capital for tech and innovation--being home to more than one-quarter of Europe's unicorns--and its share of Fortune Global 500 company headquarters increasing by one-third over the past year, it said.

However, the research also identified areas to improve and the U.K. can't afford to be complacent, the corporation said. It called for improved workforce and wider population skill levels, which it said trailed the likes of Singapore, Japan and Hong Kong, and said that Brexit has damaged perceptions of the U.K. as an attractive business environment for international talent in recent years.

"In order to remain globally competitive, we must future-proof the sector by improving digital skills and infrastructure. Our tax rates must remain globally competitive and, crucially, we need to remain open--and be seen to be open--to the very best talent from across the globe," City of London policy chair Catherine McGuinness said.


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(END) Dow Jones Newswires

January 27, 2022 05:16 ET (10:16 GMT)

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