The study assessed a number of factors in judging how desirable a particular city would be to finance professionals forced to quit London, if they were free to make their own choice about where to go. These included the maximum income tax rate in a number of countries which will be vying for finance companies to relocate, along with levels of English comprehension, average high-end rents on premium properties, dry cleaning costs for suits, gym membership fees, the price of a cocktail and the prevalence of Michelin restaurants and Burberry stores.

The research also took into account airline fares and what it called ‘flight minutes’, which are representative of the standard timing of a direct flight from the main airport of each city to one of four London airports.

On this basis, Dublin emerges as the city most favoured by bankers, based on more affordable high end rent prices (£1,669), language spoken, cuisine, luxury stores and bars, and proximity (70 minute flight). Milan was found to be the least desirable city for London bankers to relocate to due to the expensive high end rent (£2,461), the long distance from home (130 minutes), expensive flight tickets (£180), and low English comprehension (34%).

Amsterdam is bankers’ second choice, while Valletta is third. In comparison, Frankfurt (6th position) and Paris (9th) – which have both been touted as the natural home for displaced bankers – come unexpectedly far down the list.

While Paris has the most had the most Burberry stores and Michelin starred restaurants, it also boasted the most expensive high end rent prices at an average monthly cost of £2,841, and also topped the list for pricey cocktails.     

Finn Hänsel, managing director at Movinga, said: ‘Everyone talks about Paris and Frankfurt as the new financial centres of Europe after Brexit.  But other cities like Dublin, Valletta, Luxembourg and Amsterdam may actually be better equipped to make these workers feel happy and at home. Individuals and businesses alike should consider the unique factors important to their relocation before planning their move.’

The study also looked at where startup employees might favour, with the top location emerging as Berlin due to the low income tax rate, average rent, number of co-working spaces, travel costs and the widespread use of English.

Hänsel said: ‘What is important for bankers is often unaffordable for startup employees. Their requirements are directed more towards travel costs, combo lunches, shared rent prices as well as the price of beers instead of expensive cocktails. Rather than an office in a high rise, they also prefer to have an array of co-working spaces to choose from.

‘The study confirms what many already believe: Berlin is the up and coming startup capital of Europe, closely followed by the cities of Warsaw and Budapest, in second and third place respectively.’

Brexit relocation city ranking study is here.