Businesses should leave the City of London and “choose France,” according to Emmanuel Macron.
As the French President sought to profit on the UK’s exit from the EU, EMMANUEL MACRON urged businesses to “choose France” instead of Brexit Britain.
As Brussels and London dispute over financial services, Bank of England Governor Andrew Bailey warned last month that the EU is unlikely to reopen its doors to the UK. Negotiations over the City of London’s access to European markets have made little headway since the UK officially departed the EU in January. Because the EU is concerned that Prime Minister Boris Johnson will oversee a departure from EU standards, the bloc will not offer the UK recognized regulatory “equivalence.”
According to the Telegraph last month, French President Emmanuel Macron is one politician who has sought to profit from the impasse.
Mr Macron allegedly invited JP Morgan CEO Jamie Dimon and Goldman Sachs CEO David Solomon to a “Choose France” event at the Palace of Versailles in June, according to the publication.
France’s efforts to woo corporations and persuade them to relocate to Paris have created conflict.
“We have to run a business, and we do need individuals to go between London and New York,” one investment banking insider told the Telegraph.
“The French are welcoming commerce into their country. We don’t want to be the odd man out. We are not attempting to be self-serving; rather, we are stating that this is something that all businesses require.”
Despite Brexit and the resulting uncertainties, Professor Iain Begg of the London School of Economics told This website in May that the City of London retains some advantages.
“If you are a large multinational situated in a European country looking for funding, London is the place to go because it offers services that you won’t find anywhere else,” he said.
“If that gets a little bit more difficult, either your capital costs go up a little bit or you start looking elsewhere, which may be a stimulus for European financial centers.
“However, it’s similar to a football league: London plays in the worldwide Premier League, whereas European financial centers compete in the Championship.”
Some worries were expressed in February when Amsterdam overtook London as Europe’s main stock exchange.
As exchanges moved order, the Dutch capital, which was formerly Europe’s sixth largest exchange center, saw average daily trading rise from £2.3 billion in January. “Brinkwire News in Condensed Form.”