Number of UK professionals seeking finance roles in Ireland picks up
The number of UK-based professionals seeking finance roles in Ireland has risen beyond the initial post-Brexit surge following the June 2016 vote, according to data from international job site Indeed.
The new research also shows that interest in Ireland from other European countries has accelerated since the Brexit vote, suggesting that the lure of London as Europe’s traditional financial hub could be diminishing.
There has been a 39pc increase in searches for finance related roles in Ireland from UK residents in the three months to the end of August 2017, compared to the three months in the lead up to the Brexit vote.
This is an increase on the 37pc jump observed in the three months immediately after the Brexit vote.
From other European countries, searches for finance roles in Ireland are up 32pc in recent months, compared to 21pc immediately after Brexit, suggesting that Ireland’s attractiveness as a location has increased.
"Ireland is seen as a natural alternative to the UK by jobseekers, because it is an English-speaking country, with a flexible labour market and has one of the strongest growing economies in Europe," Mariano Mamertino, economist at Indeed, said.
In recent weeks, insurer XL Group and credit rating agency KBRA confirmed their plans for Dublin to be their European base, while over the summer banking giants including JP Morgan, Citigroup and Bank of America all indicated their plans for Irish expansion.
The City of London has long been a magnet for finance professionals from continental Europe, and in July 2015 they accounted for 7pc of people looking for banking jobs in London. However by July 2017 this figure had fallen to 4.3pc, according to the research from Indeed.
"Not only are growing numbers of British people searching for Irish jobs, so too are jobseekers from elsewhere in the EU," Mr Mamertino said.
However the job site warned that addressing bottlenecks in housing, commercial space and infrastructure was essential to ensure Ireland remained competitive and maintained its comparative advantage as an attractive destination for skilled professionals.