| 7°C Dublin

London loses top spot

NEW York has replaced London as the world's leading financial centre for the first time, after the city was rocked by scandals and questions over the UK's place in the European Union.

New York holds the top place in the latest Global Financial Centres Index from Z/Yen Group with a shaky two-point lead.

"London needs a reputation that everyone who comes will be treated fairly and can compete fairly," according to Z/Yen.