RSS
Twitter
Linkedin
The City of London, today the undisputed European financial heartland, is expected to lose part of its international appeal due to Brexit . According to a recent analysis from the Centre for Economic Performance, Brexit will cost the UK over one fifth (22%) of the foreign direct investments that have been made so far. The Euroclearing market is likely to leave London and will be relocated to the Eurozone. Moreover, business and banks are already looking for alternative locations from which they will be able to easily access European markets.
Milan, Italy’s most business-focused city, has everything it needs to compete with other European cities to become a Eurozone hub for financial services.
Why Milan? Here are some reasons why Lombardy’s capital is a suitable post-Brexit candidate:
- As Italy’s second-largest city, Milan is an active, economic driving force: its province generates almost 10% of Italy’s GDP, while Lombardy alone accounts for 22% of the country’s gross domestic product – this is higher than the GDPs of Norway, Austria, Denmark, Finland, Ireland and Portugal.
- Milan’s GDP per capita amounts to €49,921, twice the national (€ 25,453) and European (€25,652) average.
- Excluding the UK, Milan has the second largest economy amongst European cities after Paris, and has the largest economy among European non-capital cities
- Out of the global top ten multinational companies, seven have offices in Milan: Apple, Google, Berkshire Hathaway, Microsoft, ICBC, Novartis and GE all have a presence in the city
- Milan has a very diversified pool of talents, with eight universities within the city itself, and a further 13 across the region.
- Milan is the home to Italy’s main banking groups (198 companies), including over forty foreign banks.
- Milan is one of the best destination in the world for real estate investments. In 2015, capital flows were seven times higher than those of 2012.
- Milan has a strategic position: thanks to its logistics network, the City can act as a bridge to access EMEA markets.
Brexit has sparked a fierce competition amongst European cities. Milan has all it needs to emerge.