Damian Harrington,
director, head of EMEA research, Colliers International
The real outcome of Brexit has yet to reveal itself, although Prime Minister Theresa May has made it clear that the British government will be seeking a clean break from the European Union and the Customs Union. The outcome of the EU referendum made many nervous that we would see a mass exodus of businesses relocating from London. Indeed, some sceptics predicted that 100,000 finance and business services jobs would be likely to flee to the continent, and just recently HSBC and UBS confirmed that they would start transferring staff within the next two years. To date, however, no business has moved from the UK capital, but contingency plans are being considered. To give this some context, relocation on the scale of 100,000 jobs is not possible to achieve in such a short space of time, as highlighted by the findings from Colliers’ recent Cities of Influence report. The outcome of the study highlights that