Jean Du Plessis, Chairman of the UK Financial Reporting Council, told Bloomberg connected The decline of London as a financial capital with a “narrow British lifestyle”. On March 30, it was reported that the City of London has lost its sole status as the world’s main financial centre, according to a study by the City of London Corporation. London shared the first place with New York.
“It is clear that in the last 5, 10, 15 years, we have been in decline in almost all aspects as financial capital. Of course, in terms of the United States,” Du Plessis said.
The financier said the city still maintains a “weird, rather narrow British lifestyle”. He noted objections to dual-class stocks (securities issued by different types of companies). Companies controlled by “serious responsible families or small groups of shareholders” <…> very successful,” he said.
The City of London has lost its status as the world’s main financial capital against the background of the UK’s exit from the European Union. Some companies had to move their headquarters to Europe for this reason. In addition, according to the study, many companies are beginning to prefer listing on the US stock exchange to the London Stock Exchange.