Dublin ranked as the best alternative to London for Brexodus firms

As the UK moves to formally leave, some companies will be looking for new homes...

Dublin ranked as the best alternative to London for Brexodus firms

Tobias Abel, Flickr

Dublin's status as one of the cities best positioned to attract firms who want to leave the UK following the result of the Brexit vote has been reiterated by the PwC Global Economy Watch.

It has ranked Dublin the second most attractive European financial centre, trailing only London.

The Irish capital is followed by Luxembourg, Paris and Vienna - it has the advantage of a native English speaking workforce if companies look to relocate their UK operations.

PwC's research suggests that London will lose the top-spot if it cannot secure access to the Single Market and other favourable terms when it leaves.

The message from Europe has been that Single Market access will not be given to Britain without serious concessions on the movement of people. Tighter boarder controls were one on the main selling points presented to voters by the 'out' side during the referendum campaign.

Damian Neylin, PwC Ireland head of Financial Services said, "The UK’s potential loss of EU market access including passporting benefits poses great uncertainty in financial markets."

“While Ireland and Dublin offers certainty on access to the Single Market and EU passporting, other factors such as an English speaking, flexible and highly skilled workforce, a pro-business environment and a strong and stable legal system are also positives. Brexit is causing many uncertainties.

"We are already seeing some UK financial services organisations making enquiries on relocating to Ireland and only time will tell how this will develop," he continued.