London to be world's second most competitive city by 2025

London is set to be the world’s second most competitive city to do business, according to a joint report by Citigroup and the Economist Intelligence Unit.

Reported by londonlovesbusiness.com, London will jump from fifth to second over the next 12 years but New York will remain in first place due to its ability to attract investment and capital.

London continues to be a major draw for businessmen and women looking to conduct business-related events – meet clients in event venues, invest in commercial property or finance their own start-up for instance.

Furthermore, the report suggests London’s population is set to rise from 8.6 million to 14.4 million in 2025.

On the other hand, the report claims London is joint first in terms of financial maturity and global appeal, with the London 2012 Olympics contributing to the improvement of public transport.

Maurice Thompson, head of Citi in the UK, claims: “London’s outstanding ability to attract capital, new business, talent and visitors should ensure it retains its place as the second most competitive city in the world in 2025. The question now for London is what does it take to be the most competitive city in the world?

“London also has to be ready to compete against the fast-growing emerging market cities, many of which are showing very impressive improvements to their competitiveness,” added Thompson, cited by ibtimes.co.uk.