French on mission to woo bankers from UK after Brexit

Image
AP London
Last Updated : Feb 07 2017 | 12:28 AM IST
A team of French officials went to London today on a mission to make Paris the European Union's financial hub once Britain leaves the EU.
Officials including Paris Deputy Mayor Jean-Louis Missika and Valerie Pecresse, head of the wider Ile-de-France region, met with representatives of firms based in the City, London's financial district.
Many banks and other firms are considering moving jobs from London once the UK leaves the 28-nation bloc and its single market in goods and services.
Frankfurt is also trying to woo companies away from Britain, but Pecresse says Paris has the advantage in culture and lifestyle. She asked reporters: "When was the last time you took your partner off for a weekend in Frankfurt?"
Missika said Brexit was a "once-in-a-century opportunity" for Paris.
Some companies say France's robust labour protections and tough regulations are a deterrent, but Missika said "we have started to change our regulations".
"We are here to show what Paris has to offer, we are also here to listen," he said.
Britain's Conservative government plans to trigger two years of EU exit talks by March 31, and says it wants to retain the closest possible trade ties with the bloc once it leaves.
Pro-EU lawmakers in Britain fear the government has made that impossible by insisting on a "hard Brexit" in which the UK leaves the EU single market and customs union in order to halt the free movement of people from other member states to Britain.
Opposition legislators are attempting to amend a bill currently before Parliament that authorises the start of EU exit talks, seeking to ensure they get a say on the final divorce deal.
But lawmakers voted overwhelmingly to back the bill in its first House of Commons test last week, and it is unlikely many will change their minds when it comes up for vote again on Wednesday.
Prime Minister Theresa May said today that lawmakers should respect voters' choice to leave the EU.
"Our European partners now want to get on with the negotiations. So do I, and so does this House," she said.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Feb 07 2017 | 12:28 AM IST

Next Story