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Will the City lose its financial crown amid Brexit chaos?

The UK remains the largest global net exporter of financial services — ahead of the US, Switzerland and Singapore

The Citys role as a world-leading international financial centre and the presence of a strong and fast-growing technology sector have boosted the UKs position as a global fintech leader.
The Citys role as a world-leading international financial centre and the presence of a strong and fast-growing technology sector have boosted the UKs position as a global fintech leader. Photo: Getty Images

The uncertainty or lack of a Brexit trade deal could sink the City’s leading role in international financial services, but together with the wider UK, London’s position could hold the entire country in good stead for global competitiveness.

London is a top hub for around 250 foreign banks or branches, while about 384 foreign companies were listed on the London Stock Exchange (LSE) at the end of 2019. This accounts for 7.1% of total global foreign listings, according to a 16 December report from leading industry body TheCityUK.

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