London - Quick Summary
GFCI11 describes London as a Global Leader, which is both broad and deep. It has been ranked as the leading financial centre in almost all of the issues up to GFCI11. In all sub-indices, other than Insurance and Banking, London is the world leader in GFCI11 (Asset Management, Government & Regulatory, Professional Services and Wealth Management/Private Banking). London leads in all the areas of competitiveness sub-indices. Although London has always been ranked in the Top 2 in all issues between GFCI1 and GFCI11, it has been out performed by the index as a whole. Hong Kong has caught up significantly. Along with New York, these two world leaders control a large proportion of financial transactions professionals, and although competition between them is strong, their relationship can be seen as mutually supportive with collaboration on regulatory issues. Respondents comment that tax and regulatory change is the biggest threat to London’s position in the index, infrastructure (airports particularly) was also mentioned.