Hong Kong will overtake London as the world's international financial capital by 2015, according to a new study by the Center for Economic and Business Research (CEBR).
While New York is the current leader in terms of financial positions that service the domestic economy, London remains the leading hub for international finance today. But by 2015, Hong Kong will have outpaced London and lead the world in international financial service jobs, with Singapore close at the UK capital's heels.
In 2005, Hong Kong had just half the number of jobs in the financial services sector than London did, the report notes.
"The biggest loser from this is the taxman," CEBR chief executive Douglas McWilliam told the Guardian. "Taking into account the loss of income from a much smaller City, from lower corporation tax, stamp duty and other city based taxes, I estimate that government revenues from the City in the current financial year are likely to be about £40bn compared with the £70bn which it received in 2007/08 at the peak of the cycle."
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