London is no longer perceived as the world's preeminent financial centre by global professionals, the majority of whom now see New York as the world's financial hub, with Brexit uncertainty weighing heavily on perceptions of the UK capital's outlook, research from Duff & Phelps suggests.
The advisory firm's latest annual Global Regulatory Outlook report found just 36% of respondents from the sector currently see London as the foremost global financial hub, a 17% decrease from 2018, while 52% see New York as the world's financial centre, up 10% from last year. Brexit "cast a shadow of uncertainty" over the UK economy in 2018, the report said, and "has now escalated to a full-blown crisis". Respondents' confidence in the City's prospects do not improve on a five-year horizon, with just 21% expecting London to be the world's financial centre in 2024, compared to 44% back...
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