London based financial firms are welcome to Paris. France is coming up with ways to make Paris more attractive as a financial center for London based financial firms. The city is set to rival London’s established economic base. The turn of the events, that have come about after Britain voted to get out of the European Union have set the wheels rolling in other countries. The French government in particular is willing to woo the firms that are set to move base from London to cities like Frankfurt, Dublin or Amsterdam. The French government is planning to woo these firms so that they consider Paris as their next destination. In order to increase the suitability of the area the government is looking into taxation matters as well as the expat status in the country.
Paris to become the next London
In general Paris is being touted as the destination for London based firms and they are being wooed to come and invest in France. Britain has about two million people or more who work in the financial firms and banks. Many firms have been looking to relocate their employees and operations as they lose the right to sell different financial services across the European Union.
With the inevitable having taken place, the French president has been working on adapting regulations and modifying tax schemes so that London bankers find Paris to be the next destination for them. The chief executive of French Banking Federation also pointed out how the government and officials need to be more proactive in getting hold of financial firms that are UK based and wish to relocate from the country. Find More News here about How The European Markets Are In The Favor Of The Federal Bank.
Brexit and its repercussions
The results of the vote of Britain to leave the EU have led to the markets as well as world leaders to become unnerved as the repercussions of such a decision are several. A political crisis emerged when the vote came out about the country wanting to leave the EU even after its own prime minister left office as he had declared if such an outcome came about. He continues in a caretaker role for the country till the Conservative Party elects a new leader within the next three months. He has also failed to invoke Article 50 which is the Lisbon Treaty on EU. This would have allowed two years for the exit negotiations take place. This has further led to the confusion as there is little clarity as to how negotiations with the EU will proceed regarding the country’s relationship with the Union in the future. Cameron had appealed that the voters vote for a greater unity of the region and the Finance Minster also stated that the region will have economic volatility if Brexit came about. The main Leave campaign was built around stalling the immigration problem from moving to Britain and the resolutions that had been taken at Brussels that the country did not want.