London loses shine as financial hub, says survey

London’s reputation as a global financial centre has been damaged by the
credit crunch, according to a survey from accountants Smith and Williamson’s.

Sixty-two per cent of firms questioned by the top 10 firm said they felt that
London’s reputation had diminished and 56% reported a drop in profits

One in four respondents said they expected to make staff redundant and more
than half expected to cut discretionary spending this year.

The annual survey questioned 60 financial advisers, fund managers and banks
with turnover ranging from under £10 million to more than £250 million.

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