Contrary to reports that London is at risk of losing its position as a top financial centre, the capital is actually "outwitting its pretenders one by one", according to Michael Power, global strategist at Investec Asset Management. Here Financial News gives Power's reasoning.

Earlier this week, private equity heavyweight Guy Hands, chairman of Terra Firma, and hedge fund manager Crispin Odey said that they would leave the UK due to the new 50% tax bracket for high earners.