Britain is a "second-rate power" which has been in decline for a century – yet London remains the most influential city in the world.
Those are the startling findings of a list of the globe's most "necessary" cities, compiled by the business magazine Forbes.
London and New York topped the global list of the world's most influential cities, although largely thanks to history, tradition and "inertia" – they are the most dominant principally because they always have been.
The British capital clinched top spot in part thanks to its position as a global transport hub with a high number of company headquarters, loose regulatory environment and judicial and political systems which have proved a model for the rest of the world.
But Forbes was somewhat damning in its praise, adding that London's status as the world's most influential city was largely a hangover from its past glories.
"Inertia and smart use of it is a key theme that emerged in our evaluation of the top global cities," it said.
"No city better exemplifies this than London, which after more than a century of imperial decline still ranks No. 1 in our survey.
"The United Kingdom may now be a second-rate power, but the City's unparalleled legacy as a global financial capital still underpins its pre-eminence." Forbes based its city rankings on eight factors, including the level of foreign direct investment, the number of corporate headquarters, the amount of business types it dominates, ease of air travel to other global cities, the strength of financial services, technology and media power, and racial diversity.
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