Luring Brexit bankers may pivot on school costs

The future of bankers in Brexit Britain may be decided in the classroom, not just the boardroom.
Luring Brexit bankers may pivot on school costs

With UK prime minister Theresa May planning to trigger negotiations to leave the EU by the end of March and now pledging also to quit the single market, the continental contest among cities to attract finance jobs has been heating up.

The focus so far was on office space, guaranteed access to European markets, and potentially lower living costs for bankers.

However, a new life outside the UK may also mean a change of school for their children, and there os already an increase in requests about available places in Paris, Dublin, and Madrid.

“In a period of three weeks, I must have had inquiries from some 20 families of people in the financial industry in London, which is totally atypical,” said Frank Powell, headmaster of Runnymede College, a British school to the north of Madrid with about 850 pupils.

The Government has said it is considering setting up a school that offers an international education based on the baccalaureate. At St Kilian’s German School- Eurocampus in Dublin, the phone has been ringing more from overseas parents.

UK bankers are still assessing what Brexit may bring. A report by Oliver Wyman on behalf of TheCityUK lobby group in October estimated that almost 70,000 jobs are at risk from a Brexit deal that withdraws Britain from the single European market.

Banks want to retain “passporting” rights, which allow them to do business across the EU.

At HSBC, one of the most globalised banks, chief executive Stuart Gulliver said this week that trading operations generating a fifth of revenue for the lender’s investment bank in London may move to Paris.

And with pressure on places, schooling is one area that might make the difference. In Spain, the market regulator is setting up a fast-track authorisation service in English.

Vienna and the Austrian finance ministry made a “comprehensive pitch” to the European Banking Authority that also highlighted schools that currently mostly cater to the children of UN staff.

Bloomberg

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