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Paris tries to woo British bankers

Tuesday, February 07, 2017 - 01:44

More than 80 representatives from banks and business have been meeting with authorities from Paris who are highlighting the attraction of the French capital if Britian's exit from the EU forces the relocation of some activities in continential Europe. Julian Satterthwaite reports

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Forget fine wine and good food ... the big question from London's bankers was how much tax will I pay? More than 80 representatives from UK banks have met with authorities from Paris, who are trying to woo British financiers in the wake of the Brexit vote. Britain's departure from the EU widely expected to force the relocation of some jobs. (SOUNDBITE) (English) ANJULI DAVIES, REUTERS CORRESPONDENT, SAYING: "Paris is saying it doesn't want to steal jobs from London. It wants to be an alternative global capital, a so-called win-win situation. It says it already has the infrastructure, the global talent pool, the global education... But, of course, it's competing with other European capitals such as Frankfurt which already has a great financial centre. But the big joke amongst the French is to ask 'When have you ever booked a weekend in Frankfurt?'" France thinks it can attract 10,000 jobs, although bankers mention French tax rates and labour laws as a possible deterrent. The French government introduced tax concessions for expatriates last year in the hope Paris could profit from Brexit. But experts say other centres with more flexible labour and tax rules could be bigger beneficiaries. Banks also keeping a close eye on French politics: (SOUNDBITE) (English) ANJULI DAVIES, REUTERS CORRESPONDENT, SAYING: "Banks are waiting to decide whether they move to Paris for the outcome of the French election which is due in April, May. But, we have had one solid commitment from HSBC. It has said that it could move 1,000 jobs to Paris." Dublin and Luxembourg among rivals to Paris. Not to be outdone, senior German regulators met with 50 envoys from foreign banks last week to try to attract them to Frankfurt. But the French delegation thinks lifestyle questions give it the upper hand.