London, long the financial center of continental Europe, boasts a vibrant Square Mile and is home to a variety of banks. Despite Brexit, its allure remains strong, as it continues to attract talent unlike any other city.
For years, London has been the top choice for job seekers, a position reaffirmed by a recent survey from the Boston Consulting Group (BCG). "London has consistently ranked highest for job quality and quality of life for a decade," said Nick South, BCG's managing director and senior partner, to Fortune. "This is extremely positive for the U.K. capital."
Survey participants, numbering over 150,000 worldwide, highlighted London's status as an English-speaking city with a diverse workforce and ample opportunities. Its proximity to Europe, and its convenient location between the U.S. and Asia, further enhance its appeal, placing it ahead of cities like New York, Amsterdam, and Dubai.
However, despite its many advantages, London still lags behind Australia in terms of preferred destinations for relocation, according to BCG. The U.S. and Canada also outrank the U.K., with participants citing the cost of living, visa acquisition ease, and educational quality as deciding factors.
Nevertheless, the U.K. remains a top choice among European countries for global employees, outperforming France and Germany. South emphasized that while London's status as the most desirable city is a testament to its allure, British businesses should remain open to both local and international talent.
Australia's appeal lies in its warm climate, easy visa procedures, and English proficiency, among other factors. It has also been recognized for its job opportunities, climbing from seventh place to first in BCG's rankings over a decade.
These findings come at a time when both the U.K. and Australia are revamping their immigration systems. Despite Brexit-related challenges in attracting European talent, labor shortages persist, necessitating immigration to bridge the gap.
Sebastian Dettmers, CEO of BCG's survey partner The Stepstone Group, emphasized the need for adaptable job markets to facilitate the movement of workers to where they are most needed. This flexibility, he noted, would help workers find positions that align with their skills and aspirations.