Berlin (3)

More than 100 of London's budding start-ups are in the process of moving their business to Berlin following the vote to leave the European Union, Berlin's business and tech tsar has said.

Many had warned of an exodus of big corporates following a Brexit vote, Berlin Senator for Economics, Technology and Research Cornelia Yzer, claims the wave is coming from much smaller, and newer, companies.

Speaking at London Fintech Week, Ms Yzer "Not ten, or 20, or 30 – more. Over a hundred" start-ups had approached her office about relocating to the German capital.

"Berlin is a boom town for companies focusing on fintech, ecommerce, mobile apps and a growing number of multinational companies are coming into town, opening incubators, accelerators, digital units to co-operate with the startup community."

"Every 20 hours a new start-up is founded," she added.

Ms Yzer also highlighted the allure of cheaper office space: "Berlin is the third-largest market for offices in Europe and rents are fair; commercial real estate that works out at about a fifth of the cost of office space in London."

Referring to the Brexit vote itself, she said: "Being here today, I have to admit that I have to respect the British vote on Brexit - but I am mourning because I love to go to London; I spend most of the time outside Germany in London, more than in any other place in the world.

"But I also understand the young talent in London that voted to be in because they see their future in the European Union and in global markets, and what I can promise to them that Berlin is open for business and that it is the place where you can live your dreams. "