London loses edge over New York
Northern Rock and non-dom debacles erode City's lead
London is losing its edge over New York as the world’s leading financial
centre, says
the
Financial Times.
Research among the world’s top finance professionals by the
City
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
competitive
edge 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:
Read
the Financial Times story
UK
regime becoming less competitive
City
still No 1 financial centre