All the world’s largest financial centres took a beating in the public’s estimation as the markets melted down this autumn and winter but London and New York have proved more resilient than their near rivals and remain at the top of the competitiveness rankings published by the City of London.

The March figures in the Global Financial Centres Index, which is compiled twice yearly by the Z/Yen Group think-tank, put London at the top of the rankings, as it has been since the survey began 2½ years ago, although New York continued to narrow the gap.