General Electric is moving the headquarters of its core consumer finance division from Connecticut to London in move that symbolises a shift in the US conglomerate's centre of gravity.

The decision by one of the largest and oldest US companies to relocate GE Money, a business with $25bn of revenues a year, to London underlines the increasing global nature of GE. It is also a boost for London, which has been challenging New York's supremacy as a global financial centre.