Can London overtake New York as the financial centre of the world?

[@IDWAN80]

Not a chance…

[@jimbocaptain87]

I’d love for this to happen, but this video is pure copium.

[@RachelSchloer]

Sorry did we forget about Brexit

[@Nomadicmillennial92]

Brexit mainly affects the trade in goods. The service sector in the UK hasn’t really been changed that much by Brexit

[@nobreshit.9694]

Because most barriers to services are yet to be implemented but they will come, and they will trash the city.

[@Nomadicmillennial92]

@@nobreshit.9694 The TCA between the UK and EU actually primarily covers the trade in goods only, service access is very limited in the agreement.

[@mikefish8226]

​@Nomadicmillennial92 That's because services were always a secondary thought in the EU as the UK is very good at it and the rest of the EU, not so much, it was a protectionist move by France etc. If the EU had done more on services, the UK may have felt it was getting more from the relationship rather than one that advantaged the manufacturing countries like Germany.

[@nobreshit.9694]

@mikefish8226 the uk was extorting the EU and giving nothing back. Most of England and all the English colonies were net recipients of EU funds. Germany was giving more to Scotland than it was getting from all the broken kingdom

[@Thedarkknight2244]

As someone from the UK. Hell to the no is that happening

[@lukejacobs7575]

This would be great for the UK economy? brings investments into the country, it'd be silly not to want this for your country.

[@Thedarkknight2244]

@@lukejacobs7575 lmao. I’d love for it to happen too. I just don’t think it’s happening. There’s just more industry out there for finance to grow and serve. Hopefully I’m wrong

[@turlstreet]

There's literally no reason why it won't. London has always vied with NYC for the top, and the two are essentially neck-and-neck as it is; far above the rest (esp. with Hong Kong falling away under post-2019 Chinese rule). London also has more in its favour going forward, with greater global appeal, greater digitisation, greater potential, and none of the post-Covid slump that has affected NYC so badly recently.

[@sid20-24]

pretty true. As effects of Brexit and more regulations are coming in there is only one direction things and the whole economy can go. Not to mention the chronic and increasing lag in tech. sector compare to the US markets will make things even more challenging.

[@RiteMoEquations]

​@@Thedarkknight2244It's a financial hub index and ranking that London would be retaking from NYC. It's not like Wall Street would no longer be the financial capital of the world. This something that London could easily overtake NYC and other global finance hubs without worrying about the effects of Brexit.

[@TishoYanchev]

NYSE and Nasdaq have a combined monthly trade volume of 2.6 trillion USD. London has only 1 stock exchange, and it has a monthly trade volume of 200 billion. In what way exactly is London even remotely close to being in the same league as NYC, let alone overtake it? It's so bizarre.

[@RohitNikki-vh6wb]

Stocks are not the only thing there is currencies and bonds market. Trade volumes for currency trade far exceeds stocks

[@Alex-fm5ke]

Stock markets are not the only thing that matters

[@TreyMixtape]

Apple is bigger than the entire UK stock market combined. Next question.

[@Chris-pq3wp]

City of London isn't the FTSE 100

[@edwardmooka4092]

😂nice one man

[@michaelwolf9400]

This video doesn't really make much sense. I love London. I spend some of the year there but London is not doing well at all from everything I've seen. Wages have stagnated since 2008, growth is nonexistent, high street shops are shuttered, the NHS is on its knees, and Brexit has removed the "gateway" to Europe importance London once held. Billionaires are leaving the capital in droves. Companies are choosing to list their IPO's in New York or a European capital like Paris or Berlin. In the past year, I've heard so many conversations about the UK's decline. One of them stated that without London, the UK would be poorer than Mississippi (America's poorest state). That's a lot of heavy lifting and burdensome responsibility placed on one city to deliver for an entire country. And since the UK economy overall is contracting, London's obviously will too.

[@gdok6088]

I think London will be back in the top spot in 5 years and very possibly sooner.

[@m.m.7514]

The biggest problem we have are the low salaries. And I say this as someone who works in finance. German, Dutch, Spanish, French… they all pay more, and we are losing talent.

[@slapjuice]

NOT IN A MILLION YEARS! London is in the UK, and the UK is a country full of poor bitter people.

[@nobreshit.9694]

Why would the capital city of a small insignificant island closed off to all global markets and sinking in the most abject racist rethoric ever be in the first position? The proof is everyone is snubbing the uk proposed conference... the uk had the best deal, one foot in the EU and another close to the US, that was the uk"s best offer. Now it's a pointless financial market artificially inflated that will eventually crash, destroying England with it..

[@Mil-w6d]

It won’t happen

[@nobreshit.9694]

@Mil-w6d of course, it won't. This is british narcism and lunacy at its best... or worse... the idea that the little and now insignificant island off our coast is an empire is what is pushing the uk towards collapse. In France, we know we're stronger in the EU. We don't have any grandeur illusions like they seem to experience across the channel...

[@Mil-w6d]

It won’t happen.

[@gerardcurtis3911]

I think a good bit a journalism would be to examine why UK over others (UK great or rest bad?). Interest cuts are pretty wide spread, but unsure about other bits

[@gerardcurtis3911]

Great! Good news!

[@thesoandso2]

Of course

[@Agent77X]

It will be Miami and Austin, not NYC!

[@michaelwolf9400]

Not a chance. NYC and London have been the engine of global finance for the better part of a century. That won't change. Although London is going to struggle for while because the government over there dropped the ball for 14 years. Other cities like Miami and Austin will grow and the "wall street of the south" will be a success but it won't overtake NYC. The sheer size of the companies on the NY stock exchange alone prevents that.

[@barrywhite5899]

But wait, I thought brexit would turn London into a financial wasteland

[@hb3074]

I'd love for you to cover the Islamic finance prospect in London as well

[@davidc4408]

It can do but tgere needs to be stronger insensitive to move investments and business to London. FSA is more friendly to international business than US SEC. London is a two tier city - those highly educated, high paying jobs , living in affluent parts of London . To high immigrant population, those living in poverty, low salary jobs, low affluent real estate locations in London

[@cianog]

London is a better city but in what way can it ever compete in the financial sector?

[@mikefish8226]

Because it does compete with NY on financial services. London is the world's biggest trader of foreign currencies, for example. London being in the 'middle' timezone-wise means that London based traders can trade Asia, Europe and US. from one place

[@cianog]

@@mikefish8226 No major company lists on the FTSE100. ARM was a British origin company and yet they listed on the Nasdaq. London markets don’t provide the liquidity that U.S markets do. Regarding foreign currency trading, this is due to the U.S. allowing it. The Europeans wanted to take this away but the Americans intervened. N.Y is part of the largest market on earth. London is part of a small domestic market with no impact on global trade.

[@pmufc7]

All those idiots who've been fooled into thinking that Brexit is bad and that this must not be questioned.

[@beeniemen]

London is more international than nyc . Better city better infrastructure and better education

[@Agent77X]

Not than Miami and Austin, TX!😊

[@Beyonder1987]

@@Agent77Xmaybe in the sunny department but not in financial department

[@michaelwolf9400]

That used to be a common consensus as London was seen as the "gateway to Europe", and it's not that London is more international, it's that its location was a bit more strategic for companies looking to expand into Europe being that it's an English speaking center of finance. However, Brexit has changed that calculus completely as billionaires flee, the economy contracts, growth stagnates, and companies choose to list their IPO's DIRECTLY in Europe (Paris, Berlin), or in NY as London becomes "unnecessary" as it is now the head of a much smaller market than it used to be.

[@pedrapgwilym1341]

I watched a video yesterday that said that Paris was overtaking London due to Brexit so is that true or is it still London v New York?

[@Nomadicmillennial92]

There are some audience captured KZbin channels. Im not sure which video you are referring to, but if nearly every other video on the channel is Brexit doomerism then you know they’ve been audience captured, rather than report actual facts.

[@marcus94719]

It's still London vs NYC.

[@TishoYanchev]

Z/Yen is based on London lol no wonder

[@jossytm6814]

YES 💯

[@gogosegaga]

Yes late capitalism where no one ordinary person can afford anything why wouldn’t you want that?!

[@ahmaddeeni]

Even if that happens, rest of the UK is going down the gutter.

[@davidc4408]

No it's not. However, the wealth gap is getting bigger. From those living in UK highly educated say Masters from Oxbridge, top surgeons, top business owners and affluent areas. Rich are getting massively rich and poor getting poorer. Many native generational wealth doing well. Many immigrants pushing crime and poverty up and competing with low educated and poor working class natives. The upper middle class and HNWI natives are doing very well. Cities like Edinburgh etc doing well

[@nobreshit.9694]

Very much so, the uk is finished

[@nobreshit.9694]

Brexit, racism and an artificially inflated economy will break the little island north of our shores.

[@matthewprince9705]

If Greater London could become a separately governed province outside of the UK, the rest of the UK would be finished. The London financial sector generates 20% of the UK's GDP each year!

[@nobreshit.9694]

@@matthewprince9705 the uk is finished even with london in it...

[@Robertking1996]

No, London can't

[@marcoriva2710]

No chance after brexit

[@daywalker1978ab]

Haha

[@111Econ]

How can you ever compare London to NYC. London is more comparable to much smaller cities. London can’t even compare with Singapore or Hong Kong anymore. It was left in the dust in the late 2000s.

[@andrewkavanaugh6951]

If the uk reformed planning this would be inevitable, but the labour gov are full tarded

[@mccanncollection]

its finished with liebour and the wurst pm ever

[@richardlabeja]

That title belongs to Liz Truss.