Closely-watched rankings suggest uncertainty over Brexit has had a short-term impact on the City of London’s status.
London has lost its status as the world’s top financial centre, according to rankings showing gains for post-Brexit rivals.
The latest Z/Yen Global Financial Centres Index showed New York overtaking the UK’s capital for the first time since 2015.
The City think tank, which compiles its lists using data from international bodies such as the World Bank and responses to a survey, said there was evidence London had been knocked, but only slightly, by uncertainty over Brexit.
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Rivals within the EU for financial services business currently in the UK were among the cities making the greatest strides, the report said, though Asian centres stood out.
“Zurich, Frankfurt, Amsterdam, Vienna, and Milan moved up the rankings significantly.