October 09, 2009

The UK has been named the world's best financial centre, knocking the USA off top spot, but it is also considered one of the most unstable.The UK has the most developed financial system in the world, according to an an influential report from the World Economic Forum.But it was also branded one of the most unstable systems, ranked at No 37 out of 55 economies, below Nigeria and Panama, in the organisation's second annual Financial Development Report.

UK financial stability falls below Nigeria Claiming the top spot in terms of financial development is a shot in the arm for confidence in the UK economy and its financial services strength. It has been forecast to lose ground to rivals, ranging from Switzerland to Singapore.The divergence between financial development and stability comes as countries are ranked on a broad range of factors.