Britain dismisses attempts to lure high finance to Paris

Britain’s government dismissed on Friday France’s attempt to lure high finance to Paris to cash in on Brexit, saying it would ensure that London remained the global financial hub.

Pedestrians and cyclists cross Westminster Bridge with the Houses of Parliament in the background in central London on Marhc 23, 
/ AFP PHOTO

Paris is competing against rival financial centres in Europe for jobs that could move out of London due to Britain’s exit from the European Union.

“London is the leading global financial hub, with the largest market share for financial services in the world,” a government spokeswoman told AFP.

“We are determined to maintain the City’s competitiveness now and in the future,” she said. “We want financial services to continue to thrive here and we stand ready to help the industry maximise the opportunities ahead.”

French Prime Minister Edouard Philippe on Friday laid out a raft of measures aimed at boosting Paris’s attractiveness.

Among the measures unveiled by Philippe are scrapping a plan to widen a current 0.3 percent tax on financial transactions, eliminating the top income tax bracket, and keeping bonuses out of the calculation of severance pay for “risk-takers” such as stockbrokers.

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