Warsaw among "new Londons" according to NY Times

In a search for a new financial center that could potentially replace London after the UK leaves the European Union, US daily the New York Times has ranked European cities based on answers from relocation experts at major firms, who described what they were looking for. Warsaw, which came in seventh, is among the "new Londons," according to the newspaper.

The most frequent quoted criteria were: English-language facility, which is essential for attracting a global work force; a favorable regulatory environment, especially regarding employment; excellent transportation and communications infrastructure; availability of prime office space and luxury housing; good schools; good restaurants and cultural offerings; and finally, an intangible quality that includes a certain energy level and openness to an influx of highly paid, competitive City of London-Wall Street types.

Warsaw scored 24 points, with its appeal being mostly based on "flexible labor laws, favorable business climate, a hard-working, well-educated populace and a low cost of living."  On the other hand, the Polish capital "ranks very low on Mercer’s quality of life index, and luxury housing is limited," the NYT said.

One major banker told the newspaper that "his firm would move a contingent there from London and expand its technology operations, though its top investment banking professionals would balk at the idea of relocating there."

The winner of the ranking is Amsterdam (55 points), followed by Frankfurt (54 points) and Vienna (51 points). Further positions were taken by Dublin (50), Paris (43) and Luxembourg (40). Only Barcelona with 23 points came in behind Warsaw, while Milan who scored 24 was ranked seventh, on a par with Warsaw.