Poland Aims to Snag London’s Back-Office Bank Jobs After Brexitby
Deputy prime minister meets London investment firms this week
Morawiecki promotes benefits of Poland’s skilled workforce
Poland is joining the queue of countries aiming to lure financial-services jobs from London as banks look to ensure unfettered access to the European Union’s single market after Britain leaves the bloc.
Deputy Prime Minister Mateusz Morawiecki is traveling to London this week and says he’ll meet “dozens” of banks, hedge funds and investment managers to present Poland as an attractive place to set up middle-, 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 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.
Still, the government must alleviate concerns that the crisis over a spat with the EU sparked by changes to its constitutional court. The escalating dispute over government interference with the judiciary threatens to impair investment spending and economic development, Moody’s Investors Service said Aug. 26, two weeks ahead of its scheduled review of the sovereign rating for the eastern European nation.
“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.”