Britain may not have officially left the European Union just yet, but that hasn’t stopped one major city making a serious approach for London’s insurance and financial firms.
Paris is attempting to lure businesses across the channel, post-Brexit – and key bosses have even invaded London to prove their point.
At the Shard in central London yesterday, more than 80 bosses gathered to be informed that France could offer them “stability” and that Paris will be the only remaining “global city” once Britain’s exit is complete. At the same time as the charm offensive was launched, Anne Hildago, Mayor of Paris, opened an invitation to the approximate 300,000 French nationals living in the UK capital to return to France.
According to a report in the
Evening Standard, the publicity efforts were led by Valérie Pécresse, president of the Paris region, who suggested that Paris could offer a foothold for insurance companies and other firms in Europe, when the UK leaves.
Her argument stemmed from a belief that Britain was likely to lose its passporting rights, meaning financial firms would need a European base if they want to continue to do business without barriers. And while many insurers appear to be looking at Dublin as a first choice option because of the lack of a language barrier and its low tax economy, Pécresse was keen to alter perceptions about France, and in particular that it is heavily regulated and taxed.
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“When we looked at comparative taxation, comparative labour laws, the difficulty for hiring or firing people, or changing the rules in between the companies, we realised that in fact it was much easier than people thought in France, than for example in Germany,” the publication quoted her as saying.
“We are a very stable choice, we are very near London. The market is in Europe, the clients are in Europe, the tech is in Paris, the quality of life is in Paris.”
However, the attempts to win favour on this side of the Channel did not go down well with everyone. UKIP MP Patrick O’Flynn described the move as a “laughable attempt” and said Paris is a “fast declining city.”
Now we want to know your opinion? Should Britain lose its passporting rights, as predicted, where should insurers look to set up in Europe? Paris? Dublin? Or somewhere else? Leave a comment below with your thoughts.
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