London is a more competitive financial centre than New York, according to a new index ranking the world's top 46 financial cities. The City ranks just ahead of New York on all five areas of competitiveness examined: people, business environment, market access, infrastructure and general competitiveness.

The Global Financial Centres Index, conducted by consultants Z/Yen for the City of London Corporation, says commercial property prices are not hindering London's progress but it highlights "widespread concerns" that the UK tax regime could limit the City's competitiveness relative to its nearest competitors.