London presents its first Brexit budget this Wednesday. A particularly explored plan between the epidemic and the consequences of leaving the EU … Among these consequences, the loss of British capital’s attraction to financial institutions: half of them have been displaced. For the benefit of its neighbor Dublin.
With our correspondent in Dublin, Emeline wine
Brokerage, Banks, Wealth Management: Of the financial institutions that left London after the 2016 referendum, 36 or one-third migrated to Dublin. It is more than Luxembourg, Paris or Frankfurt, the headquarters of the European Central Bank, according to the auditing firm EY, which regularly surveys about 200 companies in the sector.
Barclays, Bank of America and Revolt are among the big names who have transferred part or all of their work to Ireland. Not yet established as a “hub” for international stock markets, Ireland’s first city wants to become the hub of fintech, financial technology.
The EU’s only English – speaking, multicultural capital, Dublin has relied on its position as the European heart of its technology: Google, Facebook and Twitter have already had their headquarters there for more than ten years. Amazon, the last of the GAFAs, has established itself and created a network of 8,000 jobs. Back there to avoid the administrative hurdles associated with Brexit.