New York “caught up” with London in the assessment of competitiveness, while both cities scored 60 points each. City of London says long-term plan to spur financial growth urgently needed. This is evidenced by a study by the City of London Corporation, writes the Financial Times..

It is specified that London has increased the overall score of competitiveness from 59 a year earlier to 60. The city continues to perform well in terms of innovation, financial outreach, sustainability and business infrastructure, talent and skills, and regulation.

However, New York City's valuation is up two points on strong growth in technology investment, deal making and higher levels of sustainable funding.

Singapore came third with 51 points, Frankfurt 46, Paris 43, Tokyo 35.

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And despite this, according to the report, the British financial sector in 2022 made a positive contribution to the balance of foreign trade in the amount of 64 billion pounds ($79.2 billion). That is more than in any other country in the world..

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It was reported that after the abolition of tax-free shopping for foreigners, London began to lose to Paris and Milan..