HOT TOPIC
highlighting Spanish links to Latin America in its charm offensive. It is also emphasising its cheaper real-estate and living costs than rivals such as Paris. Daniel Lacalle, who heads the Madrid
marketing effort and is chief investment officer at investment advisory firm Tressis Gestion, said, “There aren’t many cities with such a good mix of costs and quality of life. We are a centre of investment, attracting capital for the European Union as well as Latin America. I don’t think the City [of London] will disappear by any means: what I think is that it will be an opportunity for companies to spread out their hubs.” Without adopting a high profile,
Amsterdam has attracted the attention of several banks, some of which have already put “previously vacant swathes of modern office space under option”, according to Mike Prew, an analyst at broker the Jefferies Group. James Rushworth, from Standard Life,
adds, “There are a number of reasons why Amsterdam, in particular, could do well. It has that historic global trading outlook like London, good connectivity, it is attractive as a place to live, it has good- quality transport, it has a well-educated population, and English is so well spoken.”
However, overtures are also coming
from further afield, with both Singapore and Hong Kong keen to attract talent from London, particularly in the field of financial technology, or FinTech. “First thing after Brexit happened,
we talked about talent – talent coming out of the UK,” Sopnendu Mohanty, chief FinTech officer at the Monetary Authority of Singapore, admitted in November at Singapore’s first FinTech festival. “I agree
Both Singapore and Hong Kong are keen to attract talent from London
they have a huge pool of talent, and it’s good to have something like that so we can take some talent out.”
StGeorges_modulo 3 Pub_18,6x13,2_Layout 1 02/12/16 13:28 Pagina 1
The future of passporting The question, though, is how much of this talent will be ready and willing to move. So much of that hinges on the future of passporting in the Brexit negotiations, and
the financial sector has remained stubbornly unimpressed by the government’s refusal so far to spell out what its negotiating position will be on the issue, beyond an assurance from Chancellor of the Exchequer Philip Hammond that top bankers will retain rights of free movement. Mark Garnier, the International Trade
Minister, accepted in a recent interview that passporting could well disappear, and that an alternative system of regulatory ‘equivalence’ would probably not be “good enough” because it would be controlled out of Brussels. “If we can create a special hybrid version
of that, with a better version of equivalence or a different version of passporting, then that’s what we will try to achieve,” said Mr Garnier. “What we are not trying to do is fit into an existing box. We are trying to create a new model.” Asked if this meant that passporting was likely to end and be replaced by something else, he replied, “Exactly.” Little wonder the vultures are circling, even if they can’t quite see the carcass yet.
For practical advice on preparing for Brexit see page 27. Visit
relocateglobal.com for daily news and expert comment.
AN OUTSTANDING BRITISH INTERNATIONAL EDUCATION IN ROME
St George’s is one of Europe’s leading British curriculum schools. With extensive facilities across two sites, the school provides an outstanding education to pupils aged 3-18, culminating with the (I)GCSE and IB diploma programmes at 16+ and 18+.
“The pupils’ achievements from the Nursery to Year 13 are excellent and represent fulfilment of the school’s ambitious aim to achieve excellence in learning.” Independent Schools Inspectorate
www.stgeorge.school.it
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city campus opening 2017
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