As published in City AM, January 31st 2017
[Re: Will Dublin be the beneficiary of any City Brexodus? yesterday]
While Dublin will undoubtedly be a beneficiary from Brexit, and the need for all major banks and financial services companies to establish a base in the Eurozone, it will not be the only or even the most significant city to win.
The European financial services map is being redrawn, and the benefits will spread far and wide. Dublin is attracting some firms, while others are looking at Frankfurt. A few are considering Paris, although the restrictive labour laws there are a serious drawback.
Many banks and investment firms are in fact opting for Luxembourg, the Eurozone’s most successful financial centre (my firm advises Luxembourg for Finance, the body that promotes Luxembourg as a financial centre). Despite all this, I believe that the City will remain the world’s most powerful financial centre for years to come and continue to grow, thanks to the enormous pool of talent here, combined with strong regulation and the rule of law. These other centres will provide the City’s banks and financial firms with continued access to the Single Market and create a stable structure to counteract the broader political uncertainties we face.
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