Brexit Update: European Cities Attempt to Lure UK Businesses

July 8th, 2016

European Cities Attempt to Lure UK Businesses

Wasting no time, European cities have begun to lobby for United Kingdom (UK) jobs looking to relocate to a more secure economic environment. Several cities have set their sites on the thousands of financial sector jobs that have made London their home for decades. Paris, France, Frankfurt, Germany, and Dublin, Ireland have launched the strongest campaigns.

Valérie Pécresse, who oversees Paris’ regional government, sent a letter this week to nearly 4,000 financial services executives, encouraging them to “think about what’s next, move on and come to Europe.”  She said, “The Paris region offers an unparalleled quality of life,” adding, “Let’s not be naïve: this is a competition and others also want these jobs.”  The French city hosted a conference on Wednesday for politicians and financial services firms. François Villeroy de Galhau, Bank of France Governor, remarked, “Paris isn’t the only financial center in the euro area, but it has everything it needs to be one of the best.”

Other cities have similarly launched campaigns to attract some of the estimated 30,000 UK-based financial services jobs. The European Central Bank (ECB) is located in Frankfurt, making it a natural destination for relocation. The city has mobilized several resources for firms looking to move. Ireland, like Paris, has reached out directly to financial services firms, sending letters to around 1,000 executives.  Amsterdam and Luxembourg are also expected to vie for jobs put at risk by Brexit uncertainty.

 

Exchange Rates

£1 GBP = $1.30 USD

€1 EUR = $1.11 USD

(as of 7:00 AM EST, 7/8/2016)

 

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