Madrid offers sun and sanctuary to businesses escaping Brexit

As Britain prepares to leave the EU, there is acknowledgement that some of the City of London’s losses could be this city’s gains

Barely had the results of the EU referendum sunk in when a doctored photo of the famous banner that hangs from Madrid’s Cibeles palace began doing the rounds on social media. The “refugees welcome” sign that adorns the offices of the city council had been mischievously prefixed with a single word: British.

Eighteen months on, despite enduring bafflement over the UK’s decision to leave the EU, the Spanish capital is getting down to business. Refugees are welcome – and so are the companies and revenues that London is set to lose over the coming years.

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