The UK is by far the most important financial centre in Europe, coming second only to the US worldwide, according to a new ranking to be published today.
Britain and the US far outstrip all other competitors, the report by the New Financial think tank found, based on an analysis of 42 different metrics, from the size of financial services industries to the broader business environment.
The UK ranks particularly highly on international factors thanks to the size of the City’s banking sector and its pivotal role in the global financial system.
New Financial’s inaugural ranking highlights that the UK is number one for foreign exchange trading, derivatives trading, and with regard to cross-border banking claims because of the City’s massive international banking operations.
The ranking, which focuses on the quantity of activity carried out in financial sectors around the world, shows that the UK is by far the biggest financial centre in Europe. The UK scores an index reading of 40, well above the next biggest EU rival, Luxembourg, on 26. Germany, France and the Netherlands all scored lower.