New York has overtaken London to take the top spot as the world's leading financial centre, according to the latest Z/YEN Global Financial Centres Index (GFCI 24) published today.

Stephen Jones, Chief Executive of UK Finance, said:

?The UK remains a world-leading financial centre and it is important we work hard to maintain this position post-Brexit.

?We are and should always seek to be the safest, most transparent and best regulated place for banking and other financial service providers to do business.

?It is also crucial to provide firms with certainty over future financial services trade between the UK and EU and to maintain access to the best talent from Europe and around the world.?

Notes to Editor

1. UK Finance is a trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 250 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
2. The data shown is grossed up from the sample of lenders reporting to reflect total market size, based on total market volumes of Mortgage Product volumes of Mortgage Product Sales Data published by the FCA, so our historical figures are subject to revision as and when the FCA makes revisions to the market totals. The average figures shown are medians, as they tend to better represent the position of the typical borrower. Affordability measures are based on median averages of calculations for individual transactions. Capital & interest payment calculations only include mortgages taken out on a full capital and interest repayment basis and are calculated based on the reported repayment term, interest rate, loan amount and income for each transaction.
3. Income metrics are presented on a gross household basis, as the sum of all income sources for all borrowers included in the affordability assessment.