Why Dublin may be heaven for bankers after Brexit

Cantillon: Start-ups may not be so happy here says an online relocations agency

The IFSC: Dublin ranks well as a location for international bankers. Photograph: Bryan O’Brien

The IFSC: Dublin ranks well as a location for international bankers. Photograph: Bryan O’Brien

 

Dublin is the city where bankers are likely to feel happiest after Brexit, but surprisingly, given the hype around the Republic’s tech sector, it is unlikely to be as welcoming for start-ups, according to online relocation agency Movinga.

With British prime minister Theresa May set to trigger article 50 next week and begin the process of extricating the UK from the EU, the agency decided to weigh which cities would suit those professionals who may have to move from London as a result.

Movinga looked at the factors affecting these workers’ lifestyles rather than the environment for the businesses themselves. Dublin ranked first for bankers, despite high personal tax rates, which would hit many in this sector hardest, and high rents, should they be lucky enough to find some place to stay. The Republic’s capital was vying with Amsterdam and the Maltese capital, Valletta in the top tier of cities judged to be most attractive to financiers.

The same factors played against start-up employees, along with the price of a pint, which Movinga included in its index for this group, presumably on the basis that they are younger and less formal than their banking peers who the agency seems to think prefer cocktails. Overall, Dublin came eighth for start-ups, well behind Berlin, Warsaw and Budapest which filled the first three places in this category.

It is already well known that the powers that be are trying to attract post-Brexit business from these and other industries. Recently, listed property player Green Reit, said it expected to see some contracts signed for commercial premises this summer as the prospect of the UK’s exit from the bloc becomes ever more real.

Just how factors highlighted by Movinga, such as income tax, the price of beer, dry cleaning and the length of flights home, will feature in the thinking of any organisations looking at Dublin as a possible location remains to be seen. Nevertheless, the survey underscores issues such as personal tax and accommodation costs, that are seen as constraints on inward investment of all kinds.

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