Which European Cities Will Grab London's Post-Brexit Business?

“Dear start-ups: Keep calm and move to Berlin.” So reads a truck billboard being driven around London this week, paid for by Germany’s Free Democratic Party (FDP). A cheeky attempt to capitalize on London’s post-Brexit malaise, the campaign itself is something of a joke—the center-right FDP is a political non-entity in Germany’s capital, where it barely scrapes 1.8 percent of the vote. The message is nonetheless a sign of the wind’s direction.

Across the E.U., cities are lining up to woo companies considering leaving London after June 23rd’s referendum vote to leave the union. It’s worth noting that London’s role as Europe’s finance and business capital may not really be coming to an end. It’s true that some banks started plotting a London exodus within days of the Leave vote. But the U.K.’s future relationship with the other 27 E.U. member states is far from fixed. If London secures “passport” rights that would allow the city to serve as a base for trade routes, it may well continue as the location of many European headquarters, albeit with battered prestige. Still, this week, Paris announced measures to make the city more attractive to international business, while many other towns are making loud, positive noises aimed at attracting the attention of the international business community.