Frankfurt tipped to be big winner from Brexit: study

German financial centre Frankfurt stands to emerge as a bigger winner from Britain's plans to leave the European Union, according a study released on Thursday.

Dubbed Mainhattan, Frankfurt is in a battle with Paris, Dublin and Luxembourg to draw business away from the City of London once Britain departs the EU.

But according to the study by the Cologne Institute for Economic Research (IW), Frankfurt has the best chances of attracting jobs and companies from London, which is at present Europe's premier financial market.

"Paris scores points as the OECD headquarters, Luxembourg has low taxes and Dublin has the English language," said the study. "But Frankfurt outshines them all."

"Frankfurt is not only the financial heart of Europe's biggest economy it is also home to the European Central Bank," the study argued.

In addition, Frankfurt is easily accessible with one of Europe's major airports and offers a high quality of life, including good medical care and security, IW said.

The German banking capital also has a larger supply of vacant office space compared with the other cities competing for business from London, according to the study.

Commercial rents are lower in Frankfurt than in many of the other cities.

"Office rents for quality properties in Paris are nearly 50 per cent higher than in Frankfurt," said IW property market expert Michael Voigtlaender.

Last update: Thu, 11/08/2016 - 12:55
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