MercoPress. South Atlantic News Agency

London could be pushed into third place by Shanghai as financial centre

The West facing accelerated competition from the East

London could be pushed into third place as a global financial centre by Shanghai in the next decade, according to a report.

The survey, carried out by law firm Eversheds, suggests business leaders think the West is facing accelerated competition from the East.

More than 90% of bosses in Shanghai and Mumbai are confident in their economic outlook for 2010.

This compares with 22% of business leaders in London and 35% in New York.

Across the United Arab Emirates, 69% said they were confident of their economic prospects over the coming year.

In Evershed's Boom or Gloom report, New York will still be seen as the most significant financial centre with London and Shanghai vying for second place.

A total of 600 senior executives across London, Mumbai, New York, Shanghai and the UAE were canvassed for the survey.

Commenting on the findings, Alan Jenkins, chairman of Eversheds thinks companies across the world are reacting to and recovering from the global financial crisis at varying rates.

“More established economic centres are still digesting the extent of the crisis. Confidence levels in the East are in stark contrast to the traditional economic powerhouses,” he said.