Glasgow chases Edinburgh in financial league table

The biannual Global Financial Centres Index (GFCI) shows that London kept its position at the top of the list of 77 cities and regions, ranked in terms of competitiveness and ease of business.

Edinburgh was also a non-mover, retaining its place at 37 in the list, which was compiled by commercial think-tank Z/Yen. Scotland’s capital is the second-most important financial centre in the UK after London.

Glasgow rose two places to number 39, putting it ahead of the Isle of Man and Taiwan’s capital city of Taipei, and law firm Pinsent Masons said the city had enjoyed an “impressive” run of winning new business.

John Salmon, head of the firm’s financial services team, said: “To have not one but two major financial centres Scotland ranked among the very best in the world is impressive and a real testament to the hard work that has gone into making Scotland attractive to the world of global finance.

“The challenge now will be to ensure that the regulatory environment remains conducive to securing and growing that pre-eminent position.”

The GFCI report warned London and New York, which was second in the list, not to believe they were “untouchable”, as Asian cities such as Shanghai and Singapore were likely to pose an increasingly strong challenge.

One respondent said: “The indirect impact of the eurozone crisis on the UK economy is currently the largest worry I have about London.”

To download the full report, visit www.longfinance.net