A new report by the Cologne Institute of Economic Research claims that Dublin will be no match for Franfurt or Paris in the fight for foreign investment after Brexit.
The report claims the British referendum might be a game changer for financial centres competitiveness and the City of London might lose business after Brexit as the United Kingdom loses access to the European Union’s (EU) single market.
The report claims that cities like Frankfurt, Paris, Dublin or Luxemburg could be the potential winners of the fallout.
Luxemburg is ranked higher in the global financial centres ranking in 2016 than Paris or Frankfurt, as it hosts the majority of investments funds due to favourable tax treatments but Luxemburg fails to provide the needed transportation infrastructure that is necessary to attract financial experts.
Passenger traffic of the Luxemburg airport sums up to only 2.1 million in 2013, while the major airport of Paris dealt with more than 60 million passengers, Frankfurt with 56 million.
When commenting on Ireland, the report says, "Dublin is only ranked 39 in the global financial centre ranking, which measures financial flows, the number of banks and other financial indicators, and it has also deficits in international accessibility, at least compared to Frankfurt and Paris."
Source: www.businessworld.ie
