According to Deloitte, London is the “undisputed business capital of Europe”, suggesting the recession has done little to diminish the city’s financial clout.
Deloitte’s research has found that no other European city hosts more of the world’s largest companies. London also beat out New York with a higher percentage of high-skilled workers. Combining these two statistics and London has greater influence in Europe than New York does in North America.
40% of the biggest 250 businesses which are European or have a European HQ are situated in the UK capital. Paris has only 8% of them, while Madrid sits at a lowly 3%. Out of all the non-European companies in the top 250, 60% reside in London.
Of the five biggest cities across Europe, London has a 46% share of the high-skilled workers, while New York has just 31% of the same across the entirety of North America.
London has also attracted a lot of American interest too. Of the top 250 companies from across the pond, 49% have set up shop in Britain’s financial centre. While research was carried out in Asia, results are more difficult to reach, but it’s clear that no city shares the same influence over the region that London does over Europe.
Angus Knowles-Cutler, the London senior partner at Deloitte, said: “Measured by the locations of business headquarters, London is by far the leading commercial centre and business capital of Europe. The city is more central to the economy of Europe than New York is to the economy of North America and continues to attract the largest proportion of high-skilled talent.”