Dublin is the best place for Brexit-refugees in banking

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Within the EU, Dublin is the best destination for London-based bankers forced to move after Brexit, according to an index of 15 cities compiled by Movinga, a relocation company. Standard Chartered, Barclays and Bank of America are likely to choose the Irish city for their new EU hubs.

British Prime Minister Theresa May started the two-year negotiation period to leave the EU on March 29 and banks will soon begin the process of moving jobs out of the U.K. Though Ireland has the highest top income tax rate, at 52 per cent, it benefits from being the only other English-speaking destination in the EU and the cost of renting a flat in Dublin is markedly cheaper than in Paris, Frankfurt or Luxembourg, according to Movinga. Amsterdam is the next-best destination for Brexit refugees, while Frankfurt ends up sixth and Paris ninth place, below Malta's capital Valletta and Brussels.

Movinga’s index is weighted for a range of other variables including the number of Michelin-starred restaurants and Burberry shops to the cost of an evening cocktail. “Everyone is talking about cities like Paris and Frankfurt preparing for an influx of banking industry workers due to Brexit,” said Finn Hänsel, as Bloomberg quotes managing director of London-based Movinga. “But other cities like Dublin, Valletta, Luxembourg and Amsterdam may actually be better equipped to make these workers feel happy and at home."

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