TrendsBrexit: Is Milan the new London?

“It is clear that this is no good news for Europe, but it could be a clear opportunity for Milan. [Milan] can be a territory for new opportunities. We need to understand what can be done. Find new formulas to favor this relocation that could mean occupation, new jobs, prestige, and more visibility to the city”.

Beppe Sala, the new mayor of Milan, commented in this way results of the UK referendum during his first public speech.

Brexit or not? Brits chosen to leave Europe behind to stay afloat by themselves.

Sala added that “there will be financial institutions and headquarters of big companies that will have some troubles remaining in London, so they will look for other places in Europe. And Milan and be a territory full of new opportunities”.

But, Brexit on a side, the plans of the Milanese manager for the after-Expo were clear: get the city of Milan closer to the London model. “I want to focus on attractive investments, an attractive city for students from all over the world thanks to its universities, tourism of course, this I can say if I think like a manager. The model of course, is the London’s one”.

Now that London is out of Europe, Sala will try to overtake the city.

Even Roberto Maroni, governor of the city thinks that Brexit can be an opportunity. And because of this, he announces that he wants to set up a fund of 50 million euros, that will be called “Come In”, to encourage the return of young researchers emigrated in England.

Milan or Dublin…Which one will be ne new European City?

Something is certain. Milan will have to dispute the title of European City with other tough cities like Dublin, already a financial hub and HQ of different American big companies like Google, but there are also Frankfurt and Paris. All the cities offer to societies and startups strong fiscal incentives. If Milan wants to become the new financial capital, the city will have to work hard and start a dialogue with the Government to adopt facilitates fiscal politics in order to help investments.

Banks are ready to support Sala, as demonstrated by Intesa Sanpaolo’s CEO Carlo Messina declarations “in these moments you have to react to become leaders in Europe (…) we have a unique occasion. There is nothing that can prevent the transfer of Eba from London to Milan, as the BCE is in Frankfurt and ESMA in Paris, so we can start valorizing the Expo area not only for research and innovation (two necessary things), but also as a financial and university center”. The PM is on the same page “Italy is on the frontline to change Europe”.

For now, many good intentions… we’ll have to wait and see if UK will move a step forward towards Europe or not and, moreover, if Italy will be ready to invest in the entrepreneurial future of the country as many are waiting for.