Of course, the side effects of The Brexit would hit hard on Businesses in the UK. Many global companies said they might have to move some of away from British capital to protect their status with European Union. Britain’s vote to leave the EU rocked the global financial markets and tanked the pound. One of the main concerns in the future of London as the financial and tech capital of Europe is that Financial bosses are preparing to move and many cities are really ready to receive them.
Financial services firms in Paris already manage 2.6 trillion Euros worth of assets, according to the French government. The city is also home of Euronext, Europe’s second largest stock exchange,just behind London in terms of transaction volume and stock market capitalization. Paris is also key to bond market. Firms in Paris carryout nearly 35% of total bond issues in the Eurozone although many international companies might be reluctant to set up large scale operations in Paris because of France strong Worker protection in laws.
Germany’s capital and cultural center is a huge magnet for younger tech talent. It has an attractive culture scene and cheap rents too. The city claims a startup is founded every 20 minute more than 2/3 of money invested in Germany flowed to Berlin and Berlin is currently ready to receive business factory than will like the UK.
Scottish government is ready to remain in the EU even if results to pushing through another referendum to gain independence from the UK. Edinburgh is UK’s second largest financial center after London and home to cluster of asset management companies. The Royal Bank of Scotland is even headquartered there.
“Brexit contingency planning completed, our best non- UK option is to move to Dublin” Paul PWR tweeted. Dublin is teady rivaling London as a major European tech hub. Google, Twitter, Facebook, Dropbox…. have set up their European headquarters in the Irish Capital.
Since English is Dublin’s main language and the city could attract Banks, more than 50% of the world’s leading financial servicer firms already subsidiaries in Dublin.
Frankfurt on its own is eager to accommodate bankers fleeing from London. This Germany city is home to the European Central Bank and the European Insurance Authority.
“Frankfurt is well equipped as a stable financial center ready to embrace those looking for economic solace for operation with the Eurozone ” Frankfurt Main Finance, the body representing Frankfurt industries said in response to Brexit.
Frankfurt hopes to be the next finance hub after Brexit.