New York has displaced London to become the world’s top financial center, with Brexit to blame.
According to The Global Financial Centers Index produced by the China Development Institute and London-based think tank Z/Yen Partners, New York surpassed London in the latest biannual survey.
Still, the race was tight with New York topping the U.K. city by just two points, while both cities' overall scores fell.
The financial community has been concerned about how Brexit would impact London, with some businesses altering their strategies in the city amid its impending exit from the European Union. Brexit, the separation of the U.K. from the European Union, should be completed in March 2019.
The survey noted that Frankfurt is winning business, and that Brexit will continue to help this trend.
While both London's and New York‘s financial dominance retreated in the latest survey, Hong Kong moved up. Hong Kong was only three points behind London in the latest survey.