Glasgow’s status as a financial centre is downgraded

10 October 2008

Glasgow has slipped six places in the ‘league table’ of financial centres worldwide but Edinburgh is holding its own. The Global Financial Centres Index, compiled by consultancy Z/Yen for the City of London Corporation, ranks cities based on detailed opinion research amongst the financial; services community worldwide.

Glasgow drops this year to 28^th in the league table while Edinburgh stays at 18^th. London retains its number one placing, but its lead over New York (2^nd) and Singapore (3^rd) is slipping.

Smaller states such as Jersey and Luxembourg are rising in the ratings, while the status of traditional European centres such as Paris and Frankfurt is declining. The hottest prospects for the future, according to the experts polled, are Asian cities such as Shanghai, and Middle Eastern centres, especially Dubai.