A German think tank has declared Frankfurt to "likely to be the main profiteer of Brexit", usurping Dublin's supposed spot as the next best thing to a fully integrated London.

It claims that the Irish capital has less office space and higher commercial rents to offer, hampering its chances of enticing UK business.

The Cologne Institute for Economic Research opined that Dublin is too far down the global financial centre ranking to truly compete, the Irish Independent reports.

It said:

"Dublin is only ranked 39 in the global financial centre ranking, which measures financial flows, the number of banks and other financial indicators, and it has also deficits in international accessibility, at least compared to Frankfurt and Paris."

The think tank stated that Frankfort ranked seventh in the most recent Mercer Quality of Living ranking, compared to a score of 33 for Dublin and 37 for Paris.

The report continues:

"Of course, quality of living is in particular a question of preferences and without doubt some bankers will prefer Paris and Dublin over Frankfurt, but at least the analysis of Mercer hints at some of the amenities of Frankfurt."