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Singapore is right behind London as the world’s top business and financial hub

  • Publish Date: Posted over 7 years ago

Singapore is right behind London as the world's top location for business and commerce, according to PwC's "Cities of Opportunity 7" report released last week. The remaining top five are Toronto, Paris and Amsterdam. Cities were examined on data from 2014-2015, with conclusions from the study underscoring a key premise, city success needs balanced social and economic strengths, which finds high scores in the human elements of urban life. Although put together prior to the June 2016 UK referendum vote to leave the EU, information in the report’s wide ranging measurements gives an idea to its competitors of both London's international strengths and areas it may have to strengthen post-Brexit. Meanwhile, Ravi Menon, MAS's managing director, said that London would continue as the major financial centre after Brexit. He said that Brexit would not tarnish London’s appeal as a financial hub. Lloyd's Chairman John Nelson had said that the UK's standing as number one in the global insurance market could be at risk after Lloyd's said it may have to move some of its business to continental Europe as a result of the Brexit vote. He said that the UK government needs to provide “clarity” about the UK's future relationship with the EU. He said: “Lloyd's is Lloyd's, it is not Lloyd's of London. We operate right round the world. We have our biggest hub outside London in Singapore, we have big hubs in Beijing and Shanghai, and we have a hub in Dubai and big businesses in Latin America.”