Attracting business from London after Brexit – Can Paris, Dublin, Frankfurt or Amsterdam become Europe’s new financial center?

  • Pages: 32
  • Published: March 2017
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  • Report Code: CI0001MB
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Attracting business from London after Brexit - Can Paris, Dublin, Frankfurt or Amsterdam become Europe's new financial center? is an analytical report by GlobalData that assesses and compares the ability of four European cities (Paris, Dublin, Frankfurt and Amsterdam) to attract business, particularly financial services, out of London in the wake of the Brexit vote. The report offers detailed comparison of the cities' economies, business environments and infrastructure among other important aspects businesses would take into consideration when looking to relocate.

The effect of Brexit on London’s economy is currently ambiguous and uncertain, but European cities have publically and privately made strenuous effort to attract business from the city in the hope firms will choose to relocate once the UK leaves the EU. Each city competing to attract jobs and business from London offers its own unique advantages, however London remains ahead of other European cities in every aspect. Consequently, London is unlikely to lose its status as the financial capital of Europe, the scale of relocation will depend on the terms the government can negotiate and the overall effect on London’s economy.

Scope

Paris’ economy was 86% the size of London’s in 2016 and 40% of the French capitals Gross Value Added consists of financial intermediation and real estate, making Paris the only city which can compete with London in terms of economic output.

Paris is the only city which could feasibly accommodate an influx of firms and surge in demand for office space, with 10.8 million square feet of office space available for immediate use.

Meanwhile, Dublin offers the most favorable business environment, with lax regulatory and labor laws similar to the UK’s, a highly educated workforce and it being the only other English speaking city within the EU (the international business language).

Reasons to buy

This report will prove useful to understand the potential impact of Brexit on certain cities economies. Brexit is an unprecedented political and economic upheaval soon to occur, with widespread implications for both the UK and EU economy. As a widely discussed and debated topic this makes it difficult to plan business decisions in the face of high levels of uncertainty. This report offers an analysis of the implications using facts and data to allow for a better understanding of the potential economic impact on London and other European cities.

Companies mentioned

European Central Bank

Bundesbank

KPMG

Deutsche Bank

Google

Facebook

Goldman Sachs

HSBC

Barclays

The World Bank

European Central Bank

Bundesbank

KPMG

Deutsche Bank

Google

Facebook

Goldman Sachs

HSBC

Barclays

The World Bank

Table of Contents

Table of contents 3

List of exhibits 4

Executive summary 5

Preface 7

Section 1: Social characteristics 9

Section 1, Introduction 10

Section 1, City ...

Table of contents 3

List of exhibits 4

Executive summary 5

Preface 7

Section 1: Social characteristics 9

Section 1, Introduction 10

Section 1, City culture 11

Section 2: Labor and business 13

Section 2, Introduction 14

Section 2, Office space 15

Section 1, Labor 16

Section 2, Business environment 18

Section 3: Economy 19

Section 3, Introduction 20

Section 3, Agglomeration benefits 21

Section 4: Key findings and recommendations 23

Section 4, Paris could be the ideal new financial hub 24

Section 4, London is unlikely to lose its status 25

Appendix 26

List of tables

Exhibit 1: Percentage of population aged 20-29 years old, 2011-2016 11

Exhibit 2: Population (million), 2016 12

Exhibit 3: Square feet of office space (million ...

Exhibit 1: Percentage of population aged 20-29 years old, 2011-2016 11

Exhibit 2: Population (million), 2016 12

Exhibit 3: Square feet of office space (million) 15

Exhibit 4: Countries ranked on maths and science, 2015 16

Exhibit 5: Financial intermediation and real estate absolute output & percentage of GVA (US$), 2016 21

Exhibit 6: Percentage of London economy (Nominal GDP US$), 2016 22

Exhibit 7: Summary table 24

List of figures

Exhibit 1: Percentage of population aged 20-29 years old, 2011-2016 11

Exhibit 2: Population (million), 2016 12

Exhibit 3: Square feet of office space (million ...

Exhibit 1: Percentage of population aged 20-29 years old, 2011-2016 11

Exhibit 2: Population (million), 2016 12

Exhibit 3: Square feet of office space (million) 15

Exhibit 4: Countries ranked on maths and science, 2015 16

Exhibit 5: Financial intermediation and real estate absolute output & percentage of GVA (US$), 2016 21

Exhibit 6: Percentage of London economy (Nominal GDP US$), 2016 22

Exhibit 7: Summary table 24

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