Brexit: Companies Moved £800bn From UK – And Dublin Got Most Of It
March 12th 2019
At least 100 firms have moved their business from the UK to Dublin in anticipation of Brexit, according to a new report.
Dublin is in a “league of its own” in attracting the companies fleeing on a mass Brexodous. The report, penned by think tank New Financial and hilariously named “Brexit & the City – the Impact So Far“, examines the effects of Brexit to date.
269 financial services groups in the UK have moved part or all of their business to European countries to ensure they will have access to the market in the event of a no-deal scenario. Dublin attracted over 100 of these firms.
When compared to our closest rivals, the massive impacts of Brexit on Dublin cannot be ignored. Luxembourg attracted 60 firms, Paris 41, Frankfurt 40, and Amsterdam 32.
“We expect these numbers to increase significantly in the near future,” the report states.
Brexit – moving assets
The report finds that banks have moved, or are planning to move, about £800 billion (€934 billion) in assets from the UK to the EU, which represents nearly 10 per cent of the entire UK banking system.
“Dublin is in a league of its own when it comes to attracting business from the UK,” it says.
“We identified 100 firms that are relocating part of their business to or boosting their presence in the Irish capital, of which 86 have chosen Dublin as their main post-Brexit EU hub.
“We think there are more to come: the Central Bank of Ireland has said that it has received ‘well over’ 100 applications as a result of Brexit, and a sensible short-term estimate might be closer to 150.”
Brexit: bad for Britain, but good for Ireland?
The event of a no-deal withdrawal will, of course, mean a somewhat uncertain future for us all. Only time will tell.