Vacancy rates for prime real estate space in the business districts of Paris, Frankfurt and Amsterdam are at the lowest levels in a decade. The problem is particularly acute for Wall Street firms who have 87% of their investment banks EU staff located in the U.K.
It’s little wonder that other countries are eyeing the spoils of the City. Despite the 2008 crisis and subsequent recession, financial services remain a crown jewel of the U.K., accounting for more than 12 percent of the economy and providing 2.2 million jobs. Banks paid the U.K. Treasury 66 billion pounds ($88 billion) in tax in 2014, more than any other sector.