The UK is now the world's leading international financial centre according to the World Economic Forum Financial Development Report released today.
The report, which ranks 55 of the world's leading financial systems and capital markets, found the UK was stronger than Australia (2nd position) and the USA (3rd position) because of the "relative strength of its banking and non-banking financial activities".
Celebrating the UK's number one ranking, Minister for Trade, Investment and Small Business Lord Davies of Abersoch said:
"The World Economic Forum report reaffirms why so many global financial companies continue to flock to the UK. Our status as the leading financial centre of the world is based on our openness, fairness and wealth of international talent.
"I am confident our entrepreneurial and innovative spirit will set the UK's financial services sector in a strong position to capitalise on the opportunities when the recovery comes."
Recent international investment into the UK's financial services sector includes China Construction Bank, which opened its first wholly-owned subsidiary outside Asia in London; the State Bank of India which expanded its operations in the UK; and India Infrastructure Finance Company opening its first overseas office in London.
The World Economic Forum report closely follows the World Bank's Doing Business Report 2010, published last month, which saw the UK rise to 5th position globally in ease of doing business.
This week, London was reaffirmed as the number one European centre in which to locate a business for the 20th year in a row by the European Cities Monitor report 2009.  
The UK's attractiveness as a premier destination for investment was reflected in UK Trade & Investment's (UKTI) annual report, which found five new companies choosing to set up or expand operation in the UK every day.

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