Analyse the Factor That Might Inhibit London' s Status as a Essay

Analyse the Factor That Might Inhibit London' s Status as a Pre-eminent Global Financial Centre In the Next Decade - Essay Example The paper starts off by plying a brief illustration on the London’s position as the pre-eminent global financial centre and then moves on to the illumination of the study’s central concern being the menaces that are more likely to affect its ‘pre-eminent’ position. This report makes a cocnlusion that London is undoubtedly one of the most significant financial centres of the world. However, despite its dominating position in the global financial market it confronts with certain threats that can impair its significance among other international cities. London alone accounted for about 37% and 31% income more than the whole UK average for men and women respectively in the year 2002 (LSE, London’s Place In The UK’s economy, 2003). But along with that, London also sustains the highest unemployment level, greatest rich and poor income differences, the ever-rising property costs and insufficient provision of public health and utility services than other countries in the UK region. Apart from that, London’s ability to pull in abounding foreign investments has also led to the disappearance and re-shifting of its domestic firms. All these and the other factors sum up to the concerns and apprehensions that are faced by international b usinesses in London. Its high time the government needs to take considerable actions to curtail the dreadful factors while improving the city’s condition as a favourable financial centre for the whole world. Otherwise, these can greatly hamper the growth of London as a pre-eminent global financial centre.