Brexit helps New York take first place in finance in London, poll suggests

LONDON (Reuters) – Brexit-based Fallout has helped New York surpbad London and become the world's leading financial center, a Duff & Phelps survey of financial executives said on Tuesday.

The consultants said their annual Global Regulatory Outlook survey had contacted 180 leaders in badet management, private equity, hedge funds, banks and brokerage.

They were asked where, according to them, was the first financial center. More than 60% of the responses came from Great Britain and the United States, the rest coming mainly from Hong Kong, Ireland, Singapore and Luxembourg.

Just over half of those surveyed now consider New York to be the world's largest financial center, up 10% from 2018, while 36% see London as the leader, down 17% from compared to last year.

"Last year, Brexit cast a shadow of uncertainty over the British economy. it has now degenerated into a major crisis, "said Duff & Phelps.

"For the future, however, the spread of the influence of globalization is starting to make itself felt: 12% of respondents expect Hong Kong to be the world's largest financial center in five years."

British ministers said last week that the UK financial sector will come out stronger from Brexit.

According to Duff & Phelps, Dublin, Frankfurt and Luxembourg also behaved better this year as the financial sector of the European Union looks for a new hub.

The departure of Britain from the EU has already been delayed twice, the next deadline being 31 October. Uncertainty surrounding future bilateral trading relationships has prompted banks, badet managers and insurers to gain a foothold in the bloc to maintain their connections with their customers.