Top financial talent set to flee London for Ireland

Published:  10 Feb at 6 PM
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The Republic or Ireland’s capital, Dublin, is expecting a surge in the number of wealthy expats fleeing the UK after Brexit.

For those wishing to remain in an EU member state without having to learn another language, Ireland is the natural alternative and is being talked up by relocation agents as a destination for EU and UK professionals. Immediately following the announcement of the referendum result, hits on online job search sites featuring Ireland soared dramatically, with the trend still ongoing.

Interest from both EU expats in the UK and disenchanted Brits looking for a reasonably hassle-free way out caused increases of 50 per cent, with financial jobs especially sought after. The uncertainty surrounding the UK government’s handling of Brexit planning looks to have given Ireland’s efforts to recruit talented expats a welcome boost.

Recent data reveals mega-earners in London’s financial services sector are considering a move to Ireland, with searches for financial director positions rising by almost 200 per cent. Trader searches are also on the rise by 62 per cent. For many Brits, Ireland has always been an attractive proposition for emigration, especially for its laid-back lifestyle and friendly locals.

One major advantage is that Ireland will soon be the only EU member state where English is the official language in addition to being the language of international finance, seeing off the expat nightmare of having to learn another tongue whilst getting used to a challenging new job. The country’s economy is growing fast, the labour market is flexible and memories of the post 2008 slump are long gone.

According to a Brexit-based report by Belgian economic research group Bruegel, the City of London will lose some 10,000 banking and 20,000 legal, consultancy and accountancy positions once Brexit is finalised. The report stated the flight to greener pastures might already be taking place, first starting at lower levels and ending up with most or all of the City’s top financial talent.

Source: Expatra
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