Ireland has complained to the European commission that it is being undercut by rival centres competing to host financial firms looking for a base in the European Union outside London after Brexit. Last week, the US insurer AIG became the biggest company so far to pick Luxembourg as its EU base, alarming Irish officials who fear that others may follow. AIG said its move was driven by Luxembourg’s proximity to its European clients and its role as a founder of the EU. Although the EU wants to show a united front in negotiations with Britain, the dispute is testing this unity. While Murphy did not name Luxembourg, Irish officials said it was the location that had triggered the concerns.

Source: The Guardian March 15, 2017 00:51 UTC