The number of financial sector professionals in Britain and continental Europe looking for jobs in Ireland rocketed in the months after the UK voted to leave the European Union, a study shows.
According to data from international jobs site Indeed, job searches for positions in Ireland conducted by both British and EU financial sector workers rose dramatically in the eight weeks immediately after the June vote.
Job searches from the UK for Ireland-based auditor roles increased by 55 per cent over the period, while job searches for financial analyst and accountant roles in Ireland jumped by 50 per cent and 46 per cent respectively.
Indeed’s data also revealed that Europeans, who might be uncertain of their rights to work in the UK after Brexit, are also increasingly considering relocating to Ireland.
Searches by Europeans for finance director roles in Ireland surged by 196 per cent in the eight-week period. Searches for auditor and trader jobs increased by 89 per cent 62 per cent respectively.
“The surge in job search into Ireland is a testament to Ireland’s attractiveness as a place to live and work, but also a stark illustration of how Brexit uncertainty is undermining Britain’s appeal,” said Mariano Mamertino, an economist at Indeed.
“Ireland is seen as a natural alternative to the UK by EU jobseekers. It’s an English-speaking country, with a flexible labour market and one of the fastest-growing economies in Europe,” Mr Mamertino said.
He said that although it’s not yet possible to forecast the full implications of a so-called hard Brexit, Indeed’s job search data suggests jobseekers are already "voting with their feet - or at least considering it - in response to the political uncertainty".
“The much-feared financial sector flight could be beginning - but from the ground up, rather than the top down,” Mr Mamertino said.
Bruegel, a Brussel-based economic think tank, earlier on Wednesday published a report which projected the City of London stands to lose 10,000 banking jobs and 20,000 accountancy, consultancy and law workers to the continent as a result of Brexit.
The report estimated the total loss of this business to Britain would be worth £1.6tn or 17 per cent of the UK's banking assets.
