Our global offer to business

This is the fourth edition of the City of London Corporation’s international competitiveness study, which uses more than 100 independent metrics to evaluate the top seven global financial centres (GFCs).

The 2024 City of London Benchmarking analysis shows that London is the top GFC in the world. 

Against a global backdrop of inflation and soaring interest rates in 2022, all the financial centres in this study saw a decline in capital markets activity. But London retained its position as a top centre for international banking, bond issuance and trading, foreign exchange, and insurance.

At the same time London increased its scores under two key competitiveness factors: regulatory and legal environment, and talent and skills. Bottlenecks that were restricting business activity have been released through effective legislation and policy. London’s business ecosystem has benefitted from regulatory efficiency, immigration policies and return to office policies, improving its competitiveness.

This position cannot be taken for granted, however. To ensure London remains competitive in the next decade, the City of London Corporation has launched Vision for Economic Growth, a roadmap that outlines recommendations to drive growth and improve outcomes for the financial services industry.

This report references the ‘big moves’ recommended in the Vision for Economic Growth report and links them to the data that will demonstrate progress. The change in economic cycle, competition for global talent and cost of living crisis are all real obstacles facing the financial and professional services (FPS) industry, in the UK and abroad. By taking regular stock of the UK’s position, through the lens of objective data and analysis, we will be in a position to meet these head-on and thrive on the global stage.

To accompany the launch of 'Our global offer to business', we welcomed an expert panel to discuss the international competitiveness of the UK’s financial and professional services (FPS) industry. Watch the full discussion here. 

Innovative ecosystem

The UK’s financial and professional services (FPS) industry is an essential cog in one of the world’s most innovative ecosystems. It drives growth and enables effective investment, while supporting innovative solutions to global challenges.

FPS supports the tech industry and helps to achieve sustainability targets through capital allocation, deal-making, legal and accounting services, and providing the insurance necessary to drive groundbreaking projects.

Businesses located in the UK benefit from a globally-connected market, highly-skilled domestic and international talent, both domestically and from around the world, and a supportive and ambitious policy environment.

Download the report for fuller analysis of the UK's strong innovation offer.

Reach of financial activity

The UK is the largest international finance hub and plays a key role in facilitating cross-border finance around the world. The UK offers global companies a broad spectrum of financial services, from capital markets to insurance, access to international markets, and a deep pool of the brightest talent.

The UK remains the world’s largest centre for international bond issuance and trading, commercial (re)insurance, foreign exchange trading, and the second largest asset management centre.

Download the full report for more detail on the relative global reach of major financial hubs. 

Regulatory environment

Businesses in the UK benefit from a widely respected regulatory regime that protects consumers and increasingly opens doors for global investment professionals.

UK regulators have taken on a secondary objective to promote growth and keep the UK financial services internationally competitive. The FCA and PRA are ensuring that domestic FS companies can leverage the latest technology to drive efficiencies and productivity, while regulatory coherence with global partners ensures access to international markets.

Download the full report for more on the comparative regulatory environments of different financial centres. 

Access to talent and skills

Businesses in London and the UK can draw from a deep pool of highly-skilled workers at home and abroad. The FPS industry employs 2.4m people in the UK, 317,000 of whom are based in the City of London.

Over 40% of employees in London’s financial services industry are from overseas. The quality of life in the capital attracts people from around the world, and the UK government has revitalised the visa system to ensure continued access to the best global talent.

London’s workforce is also the most skilled and productive in the UK, fed by world-leading universities and MBA programmes.

Download the full report for more on the talent and skills offering from leading centres. 

Resilient business infrastructure

Good business infrastructure drives success. High quality offices, well-connected transport links and reliable technology are essentials for global business. The rise in hybrid working has brought flexibility to people’s work-life balance, but the office remains an important part of business life.

Download the report for fuller analysis of the UK's resilient business infrastructure.