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London to lose City jobs to rivals

Monday November 12th 2012

New York and Hong Kong look set to overtake London as the world's biggest financial centres by 2015, according to reports in the Sunday Times.

In three years, London will employ 237,000 people in financial services compared with 249,700 jobs in New York and 247,900 in Hong Kong.

The figure is a third less than at the peak in 2007 and is a sure sign that London is losing its dominance, according to researchers at Cebr. The economic consultancy feels this is not only due to a shift to the east, but also down to "short-sighted over-regulation, penal taxation and banker bashing" in Britain.

The fall in City activity could see the Government lose around £30 billion to £40 billion annually in tax receipts.

London's financial services sector employed 280,000 people last year, 18,000 more than in America's financial capital. However, City jobs will drop to 249,500 in 2012 compared with 254,000 in New York, leaving London-based staff needing to take action to protect their incomes.

Copyright Press Association 2012

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