Luck of the Irish? Dublin has been the biggest Brexit winner (so far) in financial services

 
William Turvill
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The City Of Dublin
The UK voted to leave the European Union on 23 June 2016 (Source: Getty)

Dublin has been the biggest Brexit winner in financial services so far, a new report today shows.

Just over one year after the EU referendum, 59 out of 222 financial services companies tracked by EY, 27 per cent, have said they are moving staff and operations out of the UK or are reviewing their options.

Some 19 of the firms said they are moving or considering moving staff and/or operations to Dublin, with the Irish capital pipping Frankfurt (18) to first place.

Next comes Luxembourg with 11 companies moving operations there, including six in the wealth and asset management sphere, and Paris with eight.

Another 15 firms said they are moving, or considering moving, operations and/or staff but have not signalled a location.

It is still all to play for, however, with 151 of the firms (68 per cent) so far staying silent on their plans.

EY noted that the number of financial services firms making public announcements has jumped only marginally, from 53 to 59, since it provided its last Brexit Tracker update in March.

“The difference three months on from the triggering of Article 50 is that we are seeing major financial brands put their contingency plans into action – over a quarter of the companies we track have suggested there will be potential changes to their London base as a result of Brexit,” said financial services leader Omar Ali.

“Frankfurt, Dublin, and Luxembourg are currently coming out on top. The variety of locations being announced highlights that no one European centre is emerging as a compelling alternative to London.

“However, these operational changes also highlight a real risk to European businesses and the wider economy, as the fragmentation of European financial services could increase costs and limit the breadth and depth of finance options for European corporates.”

Read more: Brexodus? One year on, what banks have said about Brexit and job moves

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