Polish Toledo

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Thursday, September 01, 2016

Brexit Good for Poland?

Britain leaving the EU has Poland aiming to lure banking and financial services jobs from London because banks will look to ensure unfettered access to the European Union’s single market after Brexit is complete.

Mateusz Morawiecki
Deputy Prime Minister Mateusz Morawiecki is traveled to London this week meeting “dozens” of banks, hedge funds and investment managers to present Poland as an attractive place to set up middle-office, back-office and IT operations.

“It will be certainly a difficult task but we want to show how attractive Warsaw and Poland are,” Morawiecki told Poland's news channel TVN24.

Europe’s established financial hubs like Paris, Dublin and Frankfurt are already eyeing the spoils of the U.K.’s referendum result. Poland isn’t bidding to attract the most lucrative front-line jobs because it’s outside the euro area. Instead, Morawiecki is pushing the benefits of Poland as a location for support staff.

The country has a “fantastic pool of skilled labor,” he said.

The Polish government must still alleviate concerns corporations and some EU members have regarding changes to its constitutional court. The escalating dispute over government interference with the judiciary threatens to impair investment spending and economic development according to Moody’s Investors Service.  Review of the sovereign rating for the eastern European nation will be published by Moody in the near future.

“Investors are currently less concerned about the conflict than they were three or six months ago,” Morawiecki said. “I hope that the analysts will consider our stable financial standing and the improving quality of Poland’s growth.”


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