London's global banking status challenged

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London's status as the finance capital of the world is being challenged as rival hubs threaten to push the city into third place by 2015, a market forecaster warns.

The Centre for Economics and Business Research (CEBR) predicts that job cuts and falling bonuses in the square mile will see cities including New York and Hong Kong take the lead.

This report features Steve Davies, Institute of Economic Affairs, Ian Mulheirn of the Social Market Foundation and Douglas McWilliams of the CEBR.

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