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London ‘the best place to do business in the world’

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A new study has identified London as being one of the top cities in the world in which to conduct business.

The UK capital has climbed from fourth last year to rank top – in a virtual tie with New York – in the fifth edition of ‘Cities of Opportunity’, a major global study published by PricewaterhouseCoopers (PwC).

According to the Big Four consultancy, a “spectacular year” of sporting triumph and the success of the London 2012 Olympic and Paralympic Games has reaffirmed London’s status in international markets.

“London has emerged as a city with strengths in such indicators as economic clout, ease of doing business and attraction as an international gateway,” PwC stated.

The survey examined the social and economic performance of 27 of the world’s leading cities and named London in the top ten in all bar two of the ten indicators.

The city also ranked highly in terms of cultural vibrancy, intellectual capital and innovation, and with a strong transportation network and infrastructure.

David Snell, partner in PwC’s London practice, said 2012 really has been “an extraordinary year” in the history of the city.

“There is no doubt that London continues to be a leading global financial centre and an easy place to do business,” he stated.

“But it is not just a city for financial services. London excels in cultural areas too, as we saw in this summer’s Olympic and Paralympic Games, which really shone a light on what we do so well here in infrastructure and the cultural life of our city.”

Mr Snell claimed that London performs “consistently well” across a broad range of measures.

But looking to the future, if we are to continue to be a high-performing city we need to consider whether we are planning adequately for the challenges that lie ahead,” he added.

The expert said planners need to be looking at major infrastructure improvements and connectivity to maintain London’s current edge.