UK financial services 'in strong international position’

Published by the International Financial Services London, the new edition of the International Financial Markets in the UK report reveals that London was the leading location for initial public offerings in 2007, amounting to 18 per cent of the total global share.

London Stock Exchange trading in UK and foreign-listed companies increased by 13 per cent from 2006 to 2007, to total £7,704 billion, while the City saw 34 per cent of all global foreign exchange trading in April 2007, the findings reveal.

Also noted is that 'City-type' employment rose by 11,000 from 2006, to a total of 353,000 people, while the financial services sector saw a 0.5 per cent increase in its contribution to gross domestic product, rising to 10.1 per cent.

"Within the UK, the importance of London is core to its international position but other cities such as Edinburgh, Glasgow, Leeds, Manchester, Birmingham and Bristol are important financial centres," the report added.