france steps up efforts to lure london banks to paris
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

France steps up efforts to lure London banks to Paris

Arab Today, arab today

Arab Today, arab today France steps up efforts to lure London banks to Paris

French Prime Minister Edouard Philippe
Paris - Arab Today

French authorities on Friday stepped up efforts to attract London banks to Paris after Brexit by pledging to cut labor costs and ensure they do not face tougher regulations than European rivals.
Many international banks in London are trying to decide where to shift operations to maintain access to the EU’s single market after Britain leaves the EU.
There is fierce competition between Paris, Frankfurt and other European cities to woo the banks based in the City of London financial center and some have already announced plans to move staff.
Until now, Paris’ rivals, including Frankfurt, Dublin and Luxembourg, have been making the headlines as the locations banks, insurers and asset managers have chosen to open new hubs.
French Prime Minister Edouard Philippe said the government would scrap the highest bracket of payroll tax for firms like banks that do not pay value-added tax (VAT), cancel a planned extension of a tax on share trading. It would also make sure that bankers’ bonuses are no longer taken into account when labor courts decide on unfair dismissal compensation.
“Promoting the financial attractiveness of Paris, is promoting France’s economic attractiveness,” Philippe said. “Every banker, every trader ... who settles in Paris triggers the creation of other jobs.”
The payroll tax France charges banks and some other sectors such as real estate and health care is a charge that companies pay on each salaried employee. It is not levied in most other European countries.
Tax was a big concern for London bankers at a roadshow organized by a French finance industry lobby in February this year to promote Paris as a financial center.
Germany is also looking at making it easier to hire and fire senior bankers in a relaxation of its labor laws to help to attract financial firms to Frankfurt after Brexit.
Philippe also pledged to review and change on a case-by-case basis the way EU financial regulations are transposed into French law.
“The French law has sometimes opted for overregulation when the European standards for the financial sectors were transposed,” a document published by Philippe’s office said.
“This could have had imposed an additional burden on businesses, compared to European rivals.”
President Emmanuel Macron, a former investment banker, has a hard task to convince the investment community that France does not see the financial sector as an “enemy” — a phrase once used by former Socialist President Francois Hollande.
Early next week, Philippe is due to give a speech to bankers at a conference in Paris, where the chief executive of US investment bank JP Morgan Jamie Dimon is expected to attend, according to the agenda on the event’s website.
Banks are coming under some pressure to decide where to move. The European Central Bank (ECB) said on June 30 that banks should step up their Brexit preparations, while the Bank of England (BoE) wants details of financial firms’ contingency plans by July 14.
But Britain is also pushing for a Brexit deal that would allow UK-based finance firms to continue to operate relatively freely in the EU after March 2019, when Brexit is due to take effect.
Andrew Bailey, the head of Britain’s Financial Conduct Authority (FCA) said on Thursday Brexit did not necessarily mean an end to free trade in financial services.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

france steps up efforts to lure london banks to paris france steps up efforts to lure london banks to paris

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

france steps up efforts to lure london banks to paris france steps up efforts to lure london banks to paris

 



GMT 13:42 2015 Saturday ,04 April

Libyan warplane targets camp in Gharyan town

GMT 15:14 2017 Wednesday ,01 March

UN documents nearly 1,500 child soldiers in Yemen

GMT 07:24 2017 Sunday ,01 October

Mexico unlikely to find more quake survivors

GMT 16:15 2015 Wednesday ,11 November

German intelligence 'spied' on Fabius, FBI, UN bodies

GMT 01:32 2017 Saturday ,15 April

Russia's Putin earns about 157,000 USD in 2016

GMT 16:30 2017 Saturday ,15 July

Minister of planning gives priority

GMT 19:45 2017 Wednesday ,05 April

President of Senegal Meets Attorney General

GMT 05:18 2017 Thursday ,21 September

Over 80 missing after migrant boat sinks off Libya

GMT 19:22 2017 Saturday ,01 April

UN: Number of Syrian Refugees Tops 5 million

GMT 15:16 2016 Thursday ,29 September

FBI to put up database on police use of deadly force

GMT 05:06 2016 Friday ,30 September

Indian markets open flat

GMT 01:57 2017 Tuesday ,10 October

Twin suicide bombs kill 13 near Mogadishu airport

GMT 02:25 2017 Friday ,08 September

UAE celebrates National Day at Expo 2017 Astana

GMT 06:19 2017 Sunday ,08 January

Bleaching poses the gravest threat to coral reefs

GMT 12:35 2017 Monday ,18 September

Elham Shahin happy for “Day for Women”

GMT 09:46 2017 Thursday ,22 June

US existing home sales unexpectedly rise in May

GMT 02:36 2017 Tuesday ,10 January

US embassy condemns Al-Arish suicide attack

GMT 10:34 2017 Sunday ,26 November

czar faces graft probe
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday