As the UK delivers its official divorce notice to the EU this week, Dublin has been ranked the top alternative destination for London bankers, and Berlin the best place for startups.
While many major European cities are positioning themselves to replace London, a new report by Movinga, an online removals platform, measures living costs, taxes, local economy and culture, to assess the best fit for “archetypal financial and start-up employees”.
The study highlights that banks might be overlooking the needs of their employees, who are likely to want to continue enjoying wide ranging choices in restaurants and bars, while wanting to keep the costs of monthly essentials, ranging from dry cleaning to gym membership, to a minimum.
“Everyone is talking about cities like Paris and Frankfurt preparing for an influx of banking industry workers due to Brexit,” says Movinga’s managing director Finn Hänsel.
“But other cities like Dublin, Valletta, Luxembourg and Amsterdam may actually be better equipped to make these workers feel happy and at home. Individuals and businesses alike should consider the unique factors important to their relocation before planning their move.”
According to the study, Dublin ranks first and is followed by Amsterdam in second and Valletta in third, while Frankfurt trails in sixth place and Paris in ninth.
Meanwhile, the report highlights that what is important for bankers is often unaffordable for the startup worlds.
“Their requirements are directed more towards travel costs, combo lunches, shared rent prices as well as the price of beers instead of expensive cocktails. Rather than an office in a high rise, they also prefer an array of co-working spaces to choose from,” says the report.
According to the study, Berlin is top of the startup list, closely followed by the Warsaw and Budapest, in second and third place respectively.