EDINBURGH has overtaken Glasgow in a ranking of the world’s financial centres which includes both cities in the top 50.

In the latest Global Financial Centres Index Edinburgh has risen nine places to 43 from 52.

Glasgow remains in 49th place.

London retains its top spot in the global rankings.

With Edinburgh and Glasgow ranked 13th and 14th respectively in the top 15 in Europe, the report provides a vote of confidence in the centres at a time of huge uncertainty about the implications of Brexit.

Cities around the world are jockeying for position amid big changes in the global financial services market.

Graeme Jones, chief executive of industry body Scottish Financial Enterprise said: “It’s positive to see both Edinburgh and Glasgow now in the top 50 of the Global Financial Centres Index and in the top 15 Western European Financial Centres list.”

He noted Edinburgh’s rise and Glasgow’s stable position reflected the strength of Scotland’s financial services industry on the world stage despite Brexit.

The findings will be particularly welcome in Edinburgh as it overcomes the legacy of the banking crisis of 2008. Edinburgh ranked 14th in the global top 15 for financial sector development.

Dublin fell one place to 31 in the global table. It ranked eighth in Europe.

The report was published by the consultancy Z/Yen and China Development Institute.

Cities were ranked using measures compiled by organisations such as the World Bank and online assessments completed by 2,340 respondents.