London named world capital for business, finance and culture

London has beaten 29 of the most influential cities to be named the world capital for business, finance and culture by PricewaterhouseCoopers (PwC).      

PwC’s report is based on 59 indicators, which rate factors such as cost of living, ease of doing business and education. London came top as a city gateway, for economic clout and technology readiness, reports standard.co.uk. Technology in particular has helped push London to the top, as last year it only ranked eighth.

The capital also leaped up 12 places for broadband quality, ranking second overall this year. Singapore and Seoul are leading the pack when it comes to internet access in schools though, reports telegraph.co.uk.

PwC partner David Snell, who’s the author of the report, says it’s great that the capital has finally overtaken its rival – New York.

“There’s no more potent a reminder of what sustainable growth looks like than the view of London when you draw the dots between our ranking on higher education, technology access, skills, attractiveness for foreign direct investment and ease of doing business,” he states.

The report notes that there are areas which London could improve on, such as cost, the environment and sustainability, as the capital only ranked mid-table for these factors.