Paris hopes for hard Brexit to steal London’s financial hub

https://www.rt.com/business/396557-brexit-paris-london-economy-leak/

French bankers and the government would like the hardest possible separation of Britain from the European Union to weaken the City of London, according to a leaked memo published on Sunday.

“They are crystal clear about their underlying objective: the weakening of Britain, the ongoing degradation of the City of London,” Jeremy Browne, the City’s envoy to the EU, wrote in a memo first published by the Daily Mail.

“They are in favor of the hardest Brexit. They want disruption. They actively seek disaggregation of financial services provision. The clear messages emanating from Paris are not just the musings of a rogue senior official in the French government or central bank. France could not be clearer about their intention,” Browne wrote after a meeting with senior French officials at the beginning of July.

The Bank of France, the country’s financial regulator, on Monday, denied an aggressive tone in the discussions.

“We reminded them of our position that Great Britain has unfortunately chosen a ‘hard Brexit,’ the City of London, therefore, loses its European passport and that some financial activities connected to the euro will relocate to the continent. It’s a question of consistency,” said an anonymous spokesman, as quoted by FRANCE 24.

Following the UK vote to quit the bloc, several European cities, including Frankfurt, Amsterdam, Madrid, Dublin, and Luxembourg began fighting for the title of the Europe’s financial hub.

As Britain may lose the passporting rights, big businesses may need to relocate to the EU area to be able to deal with clients in the bloc.

Shortly after the Brexit referendum, the Independent newspaper reported the head of the Paris regional government Valerie Pecresse sent 4,000 encouraging letters to small, medium and large international firms in London, highlighting the advantages of shifting to Paris.

Several PR programs have been launched by French authorities to attract international corporations to Paris, including “Tired of the fog? Try the frogs” and “Brexit cell” – an information hotline responding to queries from firms mulling a potential relocation from London to Paris.

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ahh..the french..

They are crystal clear about their underlying objective: the weakening of Britain, the ongoing degradation of the City of London,” Jeremy Browne, the City’s envoy to the EU, wrote in a memo first published by the Daily Mail.”

one persons loss is anothers gain..

“Shortly after the Brexit referendum, the Independent newspaper reported the head of the Paris regional government Valerie Pecresse sent 4,000 encouraging letters to small, medium and large international firms in London, highlighting the advantages of shifting to Paris.”

401

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~ by seeker401 on July 21, 2017.

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