France Prepares to Benefit from Brexit
Ile-de-France, which is the region where Paris is located, currently hopes to be offered 2,500 jobs that will be transferred from Britain due to the Brexit. According to a tweet by Valerie Pecresse, Ile-de-France will have 10,000 more jobs by 2019. She said this while in London where she had an opportunity to meet agents of 70 multinational corporations that are located in the U.K city. According to the CEO of Paris Europlace, Arnaud de Bresson, the figures that Pecresse gave are for leading financial firms. He thinks that the number could rise to between 3500 and 4000 jobs if all small businesses are considered.
Renowned financial companies such as Morgan Stanley and JPMorgan of the United States, HSBC of Britain and UBS of Switzerland have confirmed that they will be opening new offices in Paris, Frankfurt, Dublin, and Amsterdam. This has been influenced Britain’s decision to exit the EU. According to the Bank of England, the U.K financial sector risked losing 10,000 jobs on Brexit’s first day and a total of 75,000 after a while. Britain plans to leave the union in March 2019, but it is currently held in difficult negotiations.
The government of France has been striving to take advantage of Britain’s exit from the European Union. Its move to reduce taxes on top finance sector jobs will attract many firms that are shifting from London to France. In the 2018 budget, the government plans to get rid of the marginal tax rate on the income of worker of companies that do not pay value-added tax. These include employees of insurance companies and banks, who are paid more than 152,279 euros ($178,761). The current 20 percent tax rate will be cut to 13 percent as from January 1, 2018. The financial companies are likely to save over 140 million euros after the change takes effect.
Companies in other industries also want to relocate from London to Paris. According to Once, which is a startup that is based in Britain, the firm wants to move to Paris since it would be hard for it to expand after Brexit. The chief marketing officer of Once, Eva Paris, said that the company needs to have the right market for it to grow. The CEO of Once, Jean Meyer, said that several developers, data scientist, and marketing managers have refused to join the company due to the Brexit. Most entrepreneurs will have problems doing business in Britain after its exit from the European Union in 2019.
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