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New York has knocked London from its position as the world's leading global financial center after seven years, according to the Global Financial Centres Index compiled by London-based consultancy Z/Yen.
London slipped from the top of the global rankings, scoring 784 against 786 for New York, because a series of own goals had tarnished its reputation, the report said.
"London sees the largest fall in the top 50 centres," said Mark Yeandle, report author and associate director of Z/Yen, in a statement on the group's website.
This was actually foreseen years ago, clues from which you can get from the rationale that is given in the article for the drop in London's score. Z/Yen are pro-EU, and are intending this as a shot across the bow of the Euro-skeptic elements of the current leadership.
If you strip away the politics, though, and look at underlying trading volumes, intra-day activity and financial power outflow, nothing much has essentially changed.
I was wondering the same thing! I reread that a couple times and don't know what that means...
Edit: according to the dictionary, own goal is described as "any action that results in disadvantage to the person who took it or to a party, group, etc with which that person is associated"
If De Blasio read that, he would say that means there are too much wealth in the financial sectors....and want to have a speech on a new tax for the financial sector!
It's surprising to read this, since I've heard from numerous sources that the financial sector in general is declining in NYC, which lead to Bloomberg making efforts to diversify.
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