Friday 22 September 2017

Dublin to gain 13,000 UK financial services jobs from Brexit

British PM Theresa May with Taoiseach Enda Kenny in Dublin Photo: Gerry Mooney
British PM Theresa May with Taoiseach Enda Kenny in Dublin Photo: Gerry Mooney
Ronald Quinlan

Ronald Quinlan

Ireland's financial services industry is set to absorb in the region of 13,000 jobs from the UK arising following its decision to vote in favour of Brexit.

That's according to an analysis carried out by John Ring of Knight Frank as part of the agency's Dublin Office Market Review and Outlook for 2017.

Using statistics gleaned from a range of sources, including the European Parliament, the British Banking Authority and the Brussels-based 'think tank', Bruegel, Ring has estimated Ireland will gain up to 15pc of the employment leakage arising from Brexit.

While the British Banking Authority states that 25pc or 262,500 of the UK's financial services 1.05m strong workforce is engaged in wholesale banking, Bruegel believes that only one third of this activity (87,499 jobs) will migrate to the EU 27 [member states].

Should that prediction be proven to be accurate, Ireland's 15pc share of the post-Brexit spoils would amount to 13,125 additional jobs, Ring believes.

Taking those numbers, he estimates there will be a need for an additional 1.7m sq ft of office space in Dublin beyond existing annual requirements to meet the demand for office accomodation in the capital.

"Dublin stands to benefit from an additional 1.7 million sq ft worth of office demand arising from the need of financial firms to retain their EU passporting rights.

"Given that 10-year average take-up is approximately 2 million sq ft per annum, this quantum of demand, arising from financial services alone, represents a major positive demand shock," Ring said.

"Most encouraging from a Dublin office point of view is the growing likelihood that Dublin will see significant relocations of financial firms from London with Morgan Stanley, JP Morgan, Bank of China, BNY, Lloyds, Barclays and Credit Suisse all rumoured to be eyeing Dublin as a post-Brexit base," he added.

Sunday Independent

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