Thank you for your quick response.
I do not consider Financial Times ranking to be very serious for multiple reasons. A quick take was here (
https://poetsandquants.com/2015/01/25/ha ... t-ranking/) though this does not cover all the issues. There are serious issues with fluctuations (schools can move 30 places which does not happen in the real world), faculty evaluation, opportunities, etc.
I am also not from the US or interested in working in the US and I am aware of the US focused nature of the schools. Disclaimer: I do have an undergraduate degree from a top US university.
My assessment of LBS declining in ranking is based on 3 reasons:
1) Interaction with employers in Dubai, UK and some parts of Asia:
I have worked in 7 countries and from my experience the most desired applicants tend to be Harvard or MIT graduates. Stanford comes in a third close. The most sought after university from the UK is Cambridge. McKinsey and other companies have a very strong Harvard/Stanford bias and that is unlikely to go away. I have worked in different teams for McKinsey and have yet to come across an LBS grad (perhaps they don't disclose about their school as much as alumni of other schools do).
2) Reputation of the school:
LBS does not have the same reputation as the other schools. A quick response is here, Outside of London LBS is not that well respected.
(
https://www.timeshighereducation.co.uk/w ... on-ranking)
3) Long-Term Career:
Out of the CEOs of the Fortune 500 companies LBS has only 1. INSEAD has 9. Again you would say that this US biased but so is the world, unfortunately.
https://poetsandquants.com/2015/01/23/th ... mpanies/2/Regarding somethings you mentioned:
1) Networking.
There is a serious difference between quality networking and just catching business cards. The best quality networking happens within sections and the lifelong friends you make in school. I think its best to get 100 friends in top places around the world than 1000 business cards of people you barely know. From my undergraduate experience 3 friends have succeeded in starting companies that are worth over a $100m and they will pretty much hire me whenever I want, simply because they are my friends. I don't think any of the networking events I have attended have had any real impact but these connections - well - are for life. There are pretty much a few people in every HBS class who will be really rich and powerful. Knowing them will exponentially increase your job successes later.
I have never heard of any HBS student complain that he did not get networking opportunities so don't know how much of a draw back being away from a financial capital is

2) HBS American focus:
This is something that does bother me. However HBS international students make about 30-40% so it shouldn't be much of an issue.
3) Classism:
Yes, the biggest turn-off but unless you're white (I am not so this is a factor for me too) LBS is no different.
Unless you're planning on sticking in London HBS is a much better bet.