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Brexit Sees New York Surge Past London as World’s Top Finance Hub

It was sold as a way to turn Britain into an economic powerhouse, but the only people benefiting from the Brexit vote so far seem to be Britain’s direct competitors. New York has now steamed past London as the world’s leading financial center due to the “full-blown crisis” of Brexit, according to a survey of financial experts from around the world. Consultants Duff & Phelps released the results of its annual survey Tuesday after speaking to 180 executives. Just over half of respondents now see New York as the world’s top financial center, which is up 10 percent from last year, while 36 percent see London as the leader after a 17 percent drop from 2018. “Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis,” Duff & Phelps said. Brexit was thrown into further chaos last week when Prime Minister Theresa May announced her resignation.