City loses finance crown to NY
London slips to second place as New York awarded world's financial capital
London has lost its title as the world’s financial capital by number of finance jobs to New York – and by 2015, it will slip to third place behind Hong Kong, according to the Centre for Economics and Business Research (CEBR). The City’s fall from grace is a result of a combination of job cuts and falling bonuses here and massive expansion in the Far East, according to The Guardian. In three years’ time, the City will only narrowly employ more financiers than Singapore. The CEBR warned of consequences for the UK, saying that "the biggest loser from this is the taxman".
Your smart start to 2016 – Get 6 free issues of The Week magazine.