The ßrexit Dividend


HOT TOPIC


A boost for global cities?


Politicians and cities around the world have been quick to see the advantages of attracting companies planning to leave the UK in the wake of the Brexit decision. David Sapsted looks at some of the key locations bidding for a piece of the action, and canvasses the views of business leaders and politicians.


T


he vultures, as one City financier put it, are circling. Then, he added with a smile, “They might be


disappointed, though, as we really don’t know yet how much of a carcass will be available to peck at.” He was referring to the determined


efforts of cities across the world to pick up business – and to transfer skilled personnel – from London’s financial hub in the wake of the UK’s referendum decision to leave the European Union. Not without reason, a widespread conviction exists that, if Brexit is accompanied by a loss of passporting rights for Britain’s financial sector, banks and other financial and legal services will have little option but to relocate some offices and staff to other nations. This, in turn, has sparked a ‘beauty


contest’ among cities, primarily but not exclusively in Europe, as they try to lure people and activities away from London. Several international banks are already looking at moving staff in the event of the disappearance of passporting, which gives UK-based institutions the right to trade freely across Europe. As Anthony Browne, chief executive


of the British Bankers’ Association, has warned, “Hands are quivering over the relocate button.”


6 | Re:locate | Winter 2016/17


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