Friday 16 April 2021 8:43 am

135 City firms switch to Dublin for post-Brexit business

Dublin has been crowned the most desirable place for City jobs, as 135 firms have relocated business to the Irish capital due to Brexit, new research has revealed.

Think tank New Financial has found firms to favour Dublin over its city-competitors Paris, Luxembourg, Frankfurt and Amsterdam.

As firms moved to the Irish capital as a result of Brexit, 102 firms chose Paris, 95 selected Luxembourg, 63 Frankfurt and 48 Amsterdam.

Read more: London businesses demand return of the Night Tube amid delay until 2022

Banks have moved or plan to move more than £900bn in assets to the continent, worth around 10 per cent of the entire UK banking system.

Insurance firms and asset managers have transferred more than £100bn alone, with a third of all asset management firms transferring to Dublin post-Brexit.

60 per cent of banks favoured Frankfurt and nearly two-thirds of the firms making the move to Amsterdam are trading platforms, exchanges or broking firms. 

Read more: Treasury Select Committee launches inquiry into Greensill Capital scandal

“The real impact of Brexit is unlikely to fully emerge until the dust finally settles in a few years time,” managing director of New Financial and a co-author of the report, William Wright, said. 

Wright added that Frankfurt would eventually emerge as the “winner” in terms of assets in the longer term, while Paris could still take Dublin’s crown in terms of jobs. 

The think tank found 7,400 staff moves or local hires following the referendum but expects the number to increase in the next few years. 

Read more: Hancock and sister received shares in firm that won lucrative NHS contract

Share:
Tags: