The UK has ranked as the dominant European finance centre, according to a new study, allaying fears of business being moved overseas post-Brexit.
The report by think tank New Financial on financial centres measured the value of domestic and international banking and finance activity across nearly 30 metrics in 48 countries.
These included 28 financial metrics and 14 non-financial measures that assessed the performance of the wider economies and the political/social/business environment.
Describing how the UK "punches well above its weight", the report said the UK ranked as the dominant European financial centre, easily beating competition from France, Germany and Luxembourg.
Its overall score of 40 (out of 100) was 50% higher than Luxembourg and nearly double that of Germany or France.
When the report looked at international activity, which is most likely to be affected by Brexit, the UK score of 46 was more than three times higher than that of Germany or France.
Although there was a large gap between the UK and the US, which scored 79 and took the top spot, New Financial said this was because of the focus of the study on quantitative rather than qualitative measures of financial activity.
However, when the report exclusively looked at the 14 non-financial metrics, the UK came joint 11th with Norway at 71 while the winner was Switzerland, which scored 77.
New Financial said: "[The report shows] that the UK punches well above its weight and that the UK's lead over other European financial centres (particularly in international financial activity) is much bigger than other rankings would suggest.
"In the context of Brexit, it underlines the dominance of the UK as the main international financial centre in Europe, and while the UK cannot afford to be complacent given the uncertainty around Brexit, no other European financial centre is going to displace London anytime soon."
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