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Paris raises the stakes in fight for United Kingdom banks

08 Juillet 2017

PARIS-The French government unveiled Friday new measures to attract bankers to Paris after Brexit, pledging to cut taxes and labor costs and provide more global schools for expatriates' families, as competition for London's jobs heats up.

French Prime Minister Édouard Philippe, at a Friday conference in Paris, said the government would scrap the highest bracket of its payroll tax, and cancel a planned extension of a tax on financial transactions.

Paris is competing against rival financial centres such as Frankfurt and Dublin for jobs that move out of London due to the fallout from Brexit.

Bankers' bonuses will no longer be considered when labour courts decide on unfair dismissal compensation under the proposals, easing the cost of labour disputes for French financial institutions.

"Promoting the financial attractiveness of Paris, is promoting France's economic attractiveness", MrPhilippe said.

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A new government directive mandates that all packaged products must be sold at MRP regardless of the location of sale from January 1, 2018.

Paris already has its eye on tens of thousands of bankers who could move away from London, if the UK's divorce from the European Union proves to be the catalyst for an exodus.

Philippe said work had begun to establish an global tribunal in Paris to handle financial cases in English, a reference to the fact that most worldwide financial contracts are written in English with reference to English law.

France is also planning to build three more global schools targeted at expatriates' children in the greater Paris region by 2022.

European regulations require certain financial functions, such as risk management, to be based on the continent if they pertain to firms in the EU.

Paris raises the stakes in fight for United Kingdom banks