France’s Plans to Capitalize on Brexit
Edouard Philippe is the prime minister of France. He said that they would be announcing new policy measures in the next few days. These measures are intended to make it more attractive for financial firms in London and Wall Street to set up a shop in Paris. France wants to become an economic hub in Europe. This is one of the ways that it hopes to accomplish this. This seems like a motivated move. This comes ten days before the deadline for firms in the UK to state their future plans regarding Brexit. The Bank of England asked UK firms to come forward with the courses of action that they would take regarding their operations in the country.
This was part of the agenda that Mr. Philippe outlined during an address to the French National Assembly. He discussed Macron’s plan for the country to improve the public debt problem, entrepreneurship, and to revive politics in the country in the address. Philippe added that it would be a joint announcement with the president of the Ile-de-France region and the mayor of Paris. It was important that companies view the country as a more desirable place to settle than other regions. UK officials have shown some concern in the recent past over the aggressive stance that France is taking. They say that the country has plans in place to lure asset managers who are based in the UK. This also includes US asset managers who manage EU portfolios. They are based in London.
City sources have confirmed that several cities are engaged in a competitive race to benefit from Brexit. Frankfurt leads the pack followed by other EU cities such as Luxembourg, Paris, and Dublin. Macron is proposing several significant moves in a bid to move away from the previous Socialist government. One of this is the reduction of corporate tax from 33pc to 25pc. Bruno Le Maire is the French finance minister. He said that there were plans to set up a special English-language court. The court will handle financial contract cases after Britain exits the EU. The need for this kind of court arises because many derivative and loan contracts are written in English law. It will be hard to enforce these contracts in other areas in Britain after it formally leaves the European Union. Le Maire recently held a roadshow in New York where he met representatives from Wall Street firms such as Lazard, Citigroup, and Morgan Stanley.
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