An overwhelming majority of finance professionals across the globe are concerned about the future of London as a financial centre if the UK opts to leave the European Union (Brexit), according to the Global Financial Centres Index (GFCI) by Z/Yen Group.
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More than 90% of finance professionals believe that the competitiveness of London as a financial centre will either suffer or remain the same in the event of a Brexit, while only less than 10% of respondents held the view that the city’s competitiveness will improve in the same case.
Seventeen percent of the respondents believed that Brexit will have a very negative effect, while 36% believed that it will have a moderately negative effect.
The study further revealed respondents believing that Edinburgh, Dublin, and the Channel Islands will suffer from the scenario, though not as much as London.
However, respondents cited that Brexit will have some positive effects on the competitiveness of larger centres in mainland Europe, namely Zurich, Frankfurt, Luxembourg and Paris.
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By GlobalDataZ/Yen Group associate director and the author of the GFCI Mark Yeandle said: "The financial services industry hates uncertainty. A Brexit will cause uncertainty, especially for London.
"It is perhaps therefore, not surprising that over half of our respondents believe that London will lose some of its competitiveness as a financial centre in the aftermath of a Brexit. This compares will fewer than 10% who believe that London will gain competitiveness."
