All the world’s largest financial centres took a beating in the public’s estimation as the markets melted down this autumn and winter but London and New York have proved more resilient than their near rivals and remain at the top of the competitiveness rankings published by the City of London.

The March figures in the Global Financial Centres Index, which is compiled twice yearly by the Z/Yen Group think-tank, put London at the top of the rankings, as it has been since the survey began two and a half years ago, although New York continued to narrow the gap.

London, with 781 points, now leads New York by 13 points.

However, the next three cities in the rankings, Singapore, Hong Kong and Zurich, all lost even more ground, reversing a trend seen last March when the second-tier centres appeared to be gaining on London and New York following the sub-prime mortgage crisis.

Financial Times