The research is the second annual survey of the UK’s global business offering, taking into account 95 different metrics, including new areas like green finance activity.

Areas in which London excelled include the UK’s unparalleled international financial reach, its position as the capital of technology and innovation – home to more than a quarter of Europe’s unicorns – and its share of Fortune’s corporate headquarters. Global 500 rising by a third over the past year, he says.

However, the research also identified areas for improvement and the UK cannot afford to be complacent, the company said. He called for an improved workforce and broader skill levels of the population, which he said lags behind Singapore, Japan and Hong Kong, and said the Brexit had damaged the perception of the UK as an attractive business environment for international talent in recent years.

“In order to remain globally competitive, we must future-proof the sector by improving digital skills and infrastructure. Our tax rates must remain globally competitive and, above all, we must remain open – and be seen as open – to top talent from around the world,” said Catherine McGuinness, Policy Chair for the City of London.

Write to Joe Hoppe at [email protected]