Paris and Frankfurt have their work cut out if they are going to seriously challenge the City of London.

That is the conclusion of an analysis by London-based think tank New Financial, which found five times more international financial activity in the UK than France or Germany.

While the report relies on data from 2019 — before Brexit came into effect, and before London lost its crown as Europe’s top place to buy and sell shares — it underlines the City’s lead over European rivals as a hub for derivatives and foreign-exchange trading, asset management, venture capital and banking.

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