LONDON KEEPS ITS CROWN AS EUROPE BUSINESS CAPITAL

FOR ALL its failings, London is still easily Europe's most desirable business capital.

It has beaten off the challenge from pretenders to the crown such as Frankfurt, Paris, Madrid and Milan to scoop the title of Best European City for Business for the third year running.

A survey by leading American business magazine Fortune, carried out in conjunction with Arthur Andersen, polled nearly 1500 businessmen around the world, more than half of whom are chief executives.

In Europe, Frankfurt came second, followed by Helsinki, Amsterdam and Dublin, with New York, Buenos Aires and Hong Kong named top cities elsewhere.

Qualities rated most highly by executives across the world were the pro-business attitude, local availability of professionanals, entre preneurial activity and the city's ability to pull in foreign professionals.

Surprisingly the personal rate of taxation was the least important factor, while corporate taxes came in at number eight in the list of 12 considerations.

Stephen O'Brien, chief executive of London First, the inward investment agency for London, said: "Companies locate here to benefit from its unrivalled strength as a world financial centre, its advanced communications and its vast pool of specialist, multicultural expertise."

London's top ranking is reflected in the number of foreign businesses working here. More than 65% of the Fortune Global 500 companies are represented in London, and 130 of those have based their European headquarters here. More than 550 foreign banks are located in the capital, more than in any other city in the world.

London also consistently scores highly for quality of life, with businessmen praising its theatres, cinemas and cultural activities. Nearly 30% of London is made up of parks and green spaces.

American lawyer Jeff Berman, a partner at Davis Polk & Wardwell, said: "For all the reasons I wouldn't move my family to Manhattan, I wouldn't hesitate to live in the heart of London."

by SARAH MARKS

Copyright 2000
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