Italy is to set up a task force to lure businesses and investors from the City to Milan in the wake of Brexit, the country’s foreign minister announced.

Angelino Alfano said the government would aggressively promote Italy’s financial capital as a viable alternative to London.

“We’re going to set up a task force. The government is on Milan’s side in the post-Brexit game,” the minister said at a conference in Rome. “Who says that businesses that leave London should all go to Frankfurt? We need to be able to attract to Milan businesses that decide to leave London.”

Brexit offered many opportunities for Italy, “and we need to work to make Milan a highly-competitive city in the post-Brexit era,” Mr Alfano said.

The capital of the wealthy Lombardy region, Milan is home to Italy’s main stock exchange, has two airports and boasts Bocconi University, one of Europe’s most acclaimed for business studies and finance. The city’s profile was boosted last year by the success of the Expo world fair, which attracted 20 million visitors, and its fashion and food are big draws for foreigners.