Lobby group behind ‘cringeworthy’ advert to lure financial workers from the City to Frankfurt forced to admit it has not been a success
The lobby group behind a ‘cringeworthy’ advert to lure financial workers from the City to Frankfurt has been forced to admit it has not been a success.
Frankfurt Main Finance, an association representing financial services in the German city, last year claimed up to 10,000 jobs would move there by 2022. But yesterday it admitted just 1,500 had moved, with another 2,000 potentially shifting once the UK actually leaves the EU.
The group was widely mocked after it produced a cartoon to encourage Londoners to move. The video (pictured) showed a man called Frank Furt flirting with a woman in a bar.
After she comments that he is ‘well-built’, Frank explains why the city is an attractive place to live and work.
The video drew ridicule, including from former trade minister Greg Hands who said it was ‘cringeworthy’.
Yesterday the group’s managing director, Hubertus Vath, told the BBC that ‘significantly less people than we expected’ had moved to Frankfurt, which is Europe’s second-largest financial centre after London.
Miles Celic, chief executive of industry body The City UK, said: ‘The UK has proved much more resistant to Brexit-related job moves then many had predicted.
‘This is because the fundamental competitive advantages of centres like London, Manchester, Edinburgh and Cardiff remain unchanged.
‘We have first-class regulators, deep pools of talent, the best financial infrastructure, English law, international interconnectivity and much more besides.’
Dire warnings over the number of jobs moving to Europe were made regularly during the EU referendum campaign, with one industry body claiming that up to 70,000 financial jobs could be lost.
Edwin Morgan, director of policy at the Institute of Directors, said: ‘London remains a world-leading financial centre.’