How Italy is learning from the UK’s Brexit mistakes

Senior Italian government officials say that the economic and social turbulence in Britain that has followed the withdrawal from the EU has been eye-opening, writes Kim Sengupta

The financial district in Milan (iStock/Getty Images)

The demand for luxury apartments is booming in Milan, with complexes in affluent areas like Porta Nuova and Porta Garibaldi being snapped up as soon as they hit the market.

The main driver behind this is the stream of international bankers, fund managers and private equity investors who have moved to Italy’s financial capital from London in the continuing repercussions of Brexit.

As polls in the UK show the current high level of ‘Bregret’ among the electorate, Milan is among European cities benefiting from the fallout. Italian banks such as UniCredit and Mediobanca were the first to rebase employees ; they have been followed since by multinationals likke Goldman Sachs, Certares, Eisler Capital UK and Andera Partners.