“By some metrics, the UK is losing ground: London is currently slipping further behind New York each year while other centres are strengthening,” the paper said. The U.S. financial capital overtook London in 2018 in a leading annual survey, it said, adding that New York dominated in stock market listings. Britain’s departure from the European Union effectively closed London off from its biggest financial services customer, adding further pressure to catch up. Becoming the global hub for financial data, sustainability investing and investment and risk management will also be crucial in helping Britain overtake New York, TheCityUK said. The total tax rate for a London bank is 46.5%, 13% higher than a New York based bank, it added.
