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London 'the best place in the world' to do business

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London has been described as the "best place in the world" to do business in comments that could encourage overseas firms to make international money transfers to the UK.

Andrew Horne, media and communications manager at the London Chamber of Commerce and Industry, said there are a number of attributes that make London such a popular commercial centre.

"The key selling points of the capital are a quality workforce, favourable time zones and a stable legal system, not to mention first-class cultural attractions," he remarked.

"Success breeds success and for many this is reason enough to set up a company in London so they can develop alongside many of the world's most innovative and profitable companies."

According to the World Bank's Doing Business 2011 report, the UK is the best place in the European Union and the G8 to start up and operate a company.

However, Mr Horne insisted that the city's authorities must not be complacent about London's status as a major international business hub.

"We continually urge government to improve transport infrastructure, which is simply not good enough for a city of our standing," he explained.

"And the burden of higher taxes and regulation, which has grown heavier in recent years, needs to be addressed as soon as possible," he added.

For organisations seeking the best of both worlds, with a base in the UK capital and operations in overseas markets as well, getting a good deal on business money transfers is key to keeping down costs.

Currency comparison can help to track down the most favourable exchange rates and help companies avoid large money transfer fees.

Locking in a rate could also help to avoid currency fluctuations, which may be an attractive prospect for those dipping their toes in international waters for the first time.

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