Brexit could being jobs bonanza for Frankfurt

Brexit is set to deliver a muchheralded jobs boom with more than 80,000 new roles to be created – in Frankfurt.

A new report released by lobby group Frankfurt Main Finance found that the expected influx of 10,000 financial services staff over the next four years – fuelled by relocation plans and a banking exodus from London – will result in the creation of up to 87,667 new roles throughout the Rhein-main-region.

The study measured Brexit’s effect on non-financial job growth in the city and the surrounding region across industries as diverse as real estate, auto trade, healthcare and technical services, and the rise in tax receipts for local government.

It predicts an extra €191 million (£176m) in local tax revenues for the Frankfurt area per year. Even based on the report’s “prudent” scenario, the Brexit ripple effect would result in more than 35,900 jobs being added outside of financial services.