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Money London retains crown as top spot for attracting business and talent

11:05  12 october  2017
11:05  12 october  2017 Source:   cityam.com

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London has retained its number one spot as the best major city in the world for attracting businesses and talent , according to an influential ranking published today. The ranking, carried out by academics from top global universities for Japan’s Mori Memorial Foundation

London has retained its number one spot as the best major city in the world for attracting businesses and talent , according to an influential ranking published today. The ranking, carried out by academics from top global universities for Japan’s Mori Memorial Foundation

A general view is seen of the London skyline from Canary Wharf in London © Reuters A general view is seen of the London skyline from Canary Wharf in London London has retained its number one spot as the best major city in the world for attracting businesses and talent, according to an influential ranking published today.

The ranking, carried out by academics from top global universities for Japan’s Mori Memorial Foundation, shows the capital extending its lead, based on 70 factors ranging from the economic output per person to the ease of commuting.

London has topped the decade-old ranking in every year since 2012, benefiting from its cultural impact, in which it tops the chart, and powerful research capabilities, for which it is second after New York, the nearest overall challenger.

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London retains crown as top spot for attracting business and talent . London has retained its number one spot as the best major city in the world for attracting businesses and talent , according to an influential ranking.

Tokyo came third in the ranking, followed by Paris, the highest-ranked “power city” in mainland Europe.

London’s dynamic economy was again a crucial factor in securing the top position, driven by the strength of the financial services industry. The capital topped the latest Global Financial Centres Index, published last month by the China Development Institute and think tank Z/Yen.

The city’s economy will continue to grow above the average for other European cities, according to separate forecasts by Oxford Economics.

The prominent economists predict London’s output will grow at a compound annual rate of 2.4 per cent per year until 2021, which would see it outstrip other major European cities, including Paris, Frankfurt and Berlin.

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London retained its crown as the world’s top financial center in a ranking that surveys industry professionals, extending its lead over New York and Hong Kong despite ongoing uncertainty about the implications of Brexit.

  London retains crown as top spot for attracting business and talent © Provided by CityAM However, the forecast is highly dependent on a smooth exit from the EU for the UK, including a three-year transition arrangement followed by a free-trade agreement (FTA).

The dominance of financial services in the London economy means it stands to suffer from a sudden collapse in market access between the City and the continent.

Chancellor Philip Hammond yesterday backed calls for a smooth transition, saying his priority was to address a “cloud of uncertainty over current negotiations” on Brexit.

The Treasury will not commit significant amounts of money towards planning for a “no deal” scenario in which the government fails to secure an FTA with the EU, Hammond told the Treasury Select Committee (TSC).

The Treasury’s top official in charge of financial services, Katharine Braddick, told the TSC that City firms will activate contingency plans if there is no transition agreed by the first quarter of next year.

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