Brexit: European salaries won’t necessarily move around

Several British companies are already preparing to relocate outside of the country. A survey was conducted to find out what alternatives were available to bankers and for start-up salaries… the results were surprising.

Yesterday was the big day: the divorce between Great Britain and Europe was made official. Several British companies envisage moving to another city within the European Union. If London is no longer an option, then Paris doesn’t feature as a suitable next best alternative, a study by Movinga shows.

At the basis of it all are 12 diverse and varied criteria including coworking space, rental rates, transport fees, revenue taxes, if the city is English language friendly and even the cost of a pint of beer. Companies ranked cities based on the most advantageous conditions for both the employees within the city, as well as for those who want to crack into Europe’s startup ecosystem.

Within the banking sector, Paris (ranking 9/10 overall) and Frankfurt (6/10 overall) were hypothesised to place within the top three cities as credible alternatives to the City in London for those looking to escape the constraints of Brexit. To our surprise Dublin, Amsterdam and Valetta, Malta’s capital, known for imposing higher taxes on the wealthy, were found to be particularly advantageous. Revenue in Malta is taxable at 35% compared to Paris’ 49%. Another assett assessed was average rent for high end accommodation, calculated from a selection of top-of-the-range two-bedroom apartments located in the city center and listed in the real estate listings. Where the employees of the City will have to pay out €1,975 in Dublin or €2,010 in Amsterdam, they will pay more than €2,100 euros in Frankfurt and an even higher €3,400 euros in Paris.