UK faces the possibility of a brain drain as Berlin eyes tech talent

Berlin senator for economics and technology, Cordelia Yzer, was communicating with start-ups and global funds, who, in the wake of Brexit, are now considering Germany's capital as their base, the BBC reports.

Reports predict the possibility of financial services jobs flowing from London to Frankfurt and Berlin. The latter has a vibrant tech and small business scene, and reportedly wants to snatch the sector's finest for itself.

"We had competition in the last two or three years between London and Berlin. I am convinced that more funds will now make the decision in favour of Berlin. We will now take advantage [of Brexit]," Yzer asserts.

Many commentators and economists reportedly consider that Britain will not be allowed back into the single market, or if it is, not with all the benefits it previously enjoyed.

"Nobody wants to block the British," says Yzer. "But they made the decision to quit."

"Those companies who have headquarters in London are aware that they need to be in the EU," she added.

Travis Todd, CEO of Silicon Allee, a group currently building a six-floor campus for start-ups in central Berlin has commented that their office space, which will house 2,000 workers, is booked before even being completed.

"We have more demand than we have office space at the moment," he said.

"People are already asking, 'what is the alternative to London?' If it's going to be much harder to get investment in London, to hire people in London, you are going to see a lot of those companies moving to places where they can do international business."