Brexit: Paris aims to lure 20000 jobs as it hosts finance bosses

Solenn Plantier
Juillet 11, 2017

The French capital of Paris is gunning to become the financial centre of Europe in the aftermath of Brexit, according to the country's prime minister Edouard Philippe.

The French government is going all-out to establish Paris as Europe's top financial hub once the United Kingdom exits the European Union.

The French government has set its sights on making Paris "Europe's new number one financial hub after Brexit".

"The package of reforms suggested last week is very, very positive", he added, referring to labor market and economic reforms proposed by the French government. The changes include a shake-up of labour laws and a commitment to cut corporation tax from 33 per cent to 25 per cent within five years.

Philippe said today: "This package is powerful. Paris is ready and France is back".

Speaking at a banking conference in Paris, Stuart Gulliver said there are about 1,000 jobs out of 43,000 employed in Britain that will become unlawful for the bank's activities to be carried out of the United Kingdom if the government negotiates a "hard Brexit".

In early 2017, Gulliver said the bank would look to move its trading operations, which generate around 20% of revenue for its London investment banking business, to Paris in order to continue to service clients post-Brexit.

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