London still setting pace but Eastern rivals gain

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A twice-yearly survey for the City of London also showed the gap between London in first place and New York in second has narrowed in the last six months. Singapore overtook Hong Kong to be in third place. Zurich and Geneva were fifth and sixth.

Stuart Fraser, head of policy for the City, said: "London and New York are the two global cities, and they are going to remain the global cities for a while yet, but other cities will close the gap a bit."

He said the two cities had suffered as thousands of financial-services jobs were lost while places such as Dubai and Singapore were recruiting people and moving up the table.

The survey's authors said London's reputation as a financial centre continues to suffer from the perceived failure of government in handling the collapse of Northern Rock.

By contrast, New York's score for government and regulation improved as the authorities were seen to have acted rapidly to rescue Bear Stearns.

The survey was conducted in July ahead of the collapse of Lehman and the bailouts of AIG, Fannie Mae and Freddie Mac.