Paris to put more effort to attract Brexit banks after Macron’s victory
London/Paris — Emmanuel Macron’s victory in the French presidential election and his plans to swiftly implement structural reforms is a boon for Paris in its efforts to attract banks and other financial service companies seeking to move operations out of Britain, the head of lobbying group Paris Europlace said on Monday. Britain’s decision to leave the EU has opened up fierce competition among financial centres elsewhere in the bloc, including Paris, Frankfurt, Dublin and Luxembourg, to attract banks and other financial companies seeking to secure continued access to the single market once Britain leaves. Hitherto bankers have been sceptical that France can attract much of the UK financial industry, with high labour costs and a frequently changing tax system seen as major deterrents. "Macron’s win is a sign that France is on the road to implement more structural reforms that are needed," Paris Europlace CE Arnaud de Bresson said, estimating that Paris could attract 20,000 workers fr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.