Dublin benefited most from Brexit relocations, with 135 of those firms relocating to the capital city
DUBLIN: Brexit is reported to have benefited Dublin greatly. A study from New Financial think tank reveals that 449 UK financial firms have relocated their operations, staff and assets worth £1 trillion to European Union hubs due to Brexit. According to the report, 135 of these relocations were chosen in Dublin.
More than 7,400 jobs have been transferred to the European Union. The study also found that many shifts were delayed due to COVID-19 restrictions. The study found that 449 relocations were higher than anticipated, which is expected to exceed 500. A survey conducted in 2019 found that 269 relocations would take place.
Following Dublin, Paris gained the most from Brexit relocation. A total of 102 firms have moved there. There were also relocations to Luxembourg (95), Frankfurt (63) and Amsterdam (48).
Banks have transferred more than £900 billion in assets from Britain to the EU. Insurers and asset managers transferred more than £100 billion in assets and funds. The study explains that all of this is reducing the UK tax base.
“We expect Frankfurt will be the ‘winner’ in terms of assets in the longer-term, and that Paris will ultimately be the biggest beneficiary in terms of jobs,” the study said. Amsterdam has overtaken London as Europe’s biggest share trading centre since January. The study notes that this is the biggest sign of Brexit in finance.
The study expects 300 to 500 small EU financial firms to open a permanent office in the UK. This is much lower than previously predicted. It was estimated that at least 1,000 companies would arrive in the UK.
The study says that in the future, the city of London will be a major financial center in Europe, but its impact will be small. The study also found that Britain’s annual trade surplus of £26 billion in financial services with the EU would decline.
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