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Briferendum Aftermath Series: London under attacks from Europe to woo businesses away

After the people of the United Kingdom voted in favor of leaving the European Union, several countries, big or small, from Europe have joined the battle against London, which regarded as the world’s number one financial hub to strip it off of its glory and take the meat home as much as possible. The meat is so large that luring a percent away would mean billions of dollars of business.

Poland on Thursday will be the latest European countries when deputy prime minister will visit London to offer a package of incentives to the senior executives of some of the biggest banks in the city. The minister said that many of the businesses have approached Poland and are increasingly interested in moving business away. Poland is largely eyeing the back office and the middle office works.

However, Poland is much smaller, compared to the bigger sharks in play. Since the voting in June, Frankfurt of Germany, Paris of France, Amsterdam of Netherlands, and Dublin of Ireland have stepped up their efforts to woo away big businesses. Paris and Frankfurt are the biggest players here. They are the closest in infrastructure and laws compared to London.

UK government is widely expected to announce measures in the autumn budget statement that would incentivize business to operate in the UK. However, the focus will remain on the exit negotiations, once it begins to see whether the UK can retain access to the single market or not.

 

 

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