Our global offer to business: London and the UK’s competitive strengths in support of growth 

The third edition of the City of London Corporation’s benchmarking study evidences the depth and breadth of London and the UK’s global offer to business.  The UK is joint first in the ranking, with New York.

The UK remains strong, resilient and consistent across all five competitiveness dimensions that this report analyses. Firms in the UK benefit from the most globally connected market, highly skilled talent, access to capital, and regulatory and government support. These market advantages are underpinned by location benefits and a fantastic quality of life and cultural offer. 

London has emerged from the global pandemic stronger and energised. The UK’s capability to innovate has strengthened through a combination of entrepreneurial spirit and government policy. Financial and professional services firms across sectors continue to evolve through new opportunities, technological advancements, and expansion into new markets.

Innovative ecosystem

UK financial and professional services are part of one of the world’s most innovative ecosystems. Surrounded by pioneering tech and world-leading sustainable finance innovation, businesses can access a globally-connected market, future-focused talent and positive policy support. The interplay of these elements helps companies thrive and shapes the future of global financial services. 

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

Reach of financial activity

The UK is the largest financial centre outside of the United States and plays a key role in facilitating international and cross-border finance. It is also the most globally connected. It is the world’s largest centre for international debt issuance, commercial (re)insurance, and foreign exchange trading, and the second largest asset management centre. Ongoing improvements to policy and regulations will make the UK an even more attractive place for finance and investment.

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

Resilient business infrastructure

Businesses located in London and the UK benefit from unrivalled global connectivity. The UK’s geographical location and favourable time zone make it easy for firms to cover all major markets from a single location within the working day. The city is home to more Fortune Global 500 headquarters than Paris and offers more affordable office space than New York, Singapore, or Hong Kong. London office buildings are modern, environmentally friendly, and conveniently located. To remain competitive, the UK’s transport infrastructure needs improvement – providing many opportunities for financial services firms on the road to net zero to invest in green projects.  

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

Access to talent and skills

The UK has some of the world’s best universities, leading MBA programmes, and a growing number of graduates with financial and professional services related degrees. Firms located in the UK have access to a world-leading pool of highly-qualified entry level talent. Public institutions and businesses across the UK have joined forces to future proof by addressing workforce skills gaps, especially in digital.  

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

Enabling regulatory and legal environment

The UK regulatory regime for financial services remains the world’s favourite. Firms in the UK benefit from regulators at the forefront of innovation, a strong legal system, and openness. But tax and bank contribution rates are higher than in other centres. As the UK rewires its economic relationship with the world, services trade needs to be at its heart to keep market access open. And governments worldwide need to renew business confidence in the effectiveness of regulation and policymaking.  

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