Wednesday, 6 Jul 2022

London leads the way: Brexit doomsayers shut down as UK crushes EU on Global Index

Brexit: Expert explains why UK won’t rejoin EU

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Britain voted to leave the European Union in June 2016, with Prime Minister Boris Johnson and ardent Brexiteers insisting the country will thrive away from the shackles of Brussels’ rules and regulations. Remainers have thrown cold water on the UK’s ability to compete on the world stage and have even launched a continued campaign for the nation to rejoin the EU. But the 31st and latest edition of a major financial centres ranking list has once again silenced those voices putting Brexit Britain down.

The Global Financial Centres Index provides evaluations of future competitiveness and rankings for 119 financial centres around the world.

Rankings are based on 150 factors, with quantitative measures from the World Bank, The Economist Intelligence Unit, the OECD and United Nations. It also uses 74,982 assessments from 11,934 respondents.

In 2021, the Global Financial Centres Index shows London left the EU trailing, coming out at number two in the world with a rating of 726 – only second behind New York (759).

But most notable, not one EU city even managed to make it into the top 10 – silencing those who said financial centres from around Europe would easily trump London.

In fact, only four EU cities managed to make it into the top 25 – Paris at number 11, Frankfurt at number 16, Madrid at number 18, and Amsterdam at number 19.

Also strikingly, four out of the eight European financial centres in the top 25 are outside the EU – London, Zurich, Edinburgh and Geneva.

The rest of the top 10 list was unsurprisingly dominated by US and Asian cities that are home to some of the world’s largest economies – Hong Kong, Shanghai, Los Angeles, Singapore, San Francisco, Beijing, Tokyo and Shenzen.

In a further boost to Brexit Britain, London also topped the most recent European technology cities index to retain its crown as the continent’s most technologically advanced city.

The Smart Cities Index placed London as the leader in Europe due to its infrastructure, deep and highly-skilled talent pool, and widespread adoption of new technology.

Zurich – a non-EU city – was the English capital’s closest competitor in Europe, followed by the EU’s Copenhagen, which finished fifth.

Recently, NatWest Chairman Sir Howard Davies bemoaned the UK’s departure from the EU, saying he was quite pessimistic and that Brexit was a “significant mistake”.

But research firm Facts4EU.Org hit back and said: “The relentless zombie-like march of Rejoiners rising to scare us with their doom and gloom continues with Sir Howard Davies of NatWest predicting Brexit will be damaging to London.

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“Thankfully the relentless upbeat positivity of Facts4EU continues to be the antidote, as we publish details of the y/Zen report into Global Financial Centres and also the Smart Cities rankings.

“Both place London as top in Europe and second in the world to New York – “despite Brexit”.

“There will be more indexes and rankings and London will continue to perform well, beating the other EU rivals by some distance.

But the research firm also warned: “Let’s not rest on our laurels, however.

“It is essential that the Government moves faster to discard bureaucratic EU laws and replaces them with regulations fit for the 21st Century.

“Let’s have a Brexit that puts London ahead of New York – that should be our country’s ambition.”

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