London loses edge over New York

London is losing its edge over New York as the world’s leading financial
centre, says
Financial Times

Research among the world’s top finance professionals by the
of London Corporation
reveals that the collapse of Northern Rock and the
planned crackdown on non-domiciled residents are making the UK less attractive
to overseas residents.

London’s lead over New York had halved over the last six months, according to
The Global Financial Services Index. Offshore centres such as Jersey and
Guernsey had become more competitive, as had Shanghai, Dubai, Qatar and Bahrain.

A second survey by the City said the UK tax system had lost its
over other financial centres. The UK had become increasingly
unpredictable and uncertain, complex and unnecessarily aggressive in its
approach to taxpayers, it found.

Ireland, Switzerland, the Netherlands, Bermuda and Singapore were seen as
more attractive, while the UK tax regime was now seen as increasingly
unpredictable and uncertain.

Further reading:

the Financial Times story

regime becoming less competitive

still No 1 financial centre

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