In the wake of the UK’s departure from the European Union, French president Emmanuel Macron made a big effort to woo London’s bankers and hedge fund managers across the Channel. Macron wanted to use Brexit as an opportunity to turn Paris into the key hub for European finance. Trust me, he told Britain’s bankers: I’m one of you and will look after you. Those who did make the move may now be regretting their decision.
France’s credibility as a welcoming place for top earners is on the line
France’s prime minister Michel Barnier is pushing through a tough budget after discovering a ‘black hole’ in the finances that might even make our Chancellor Rachel Reeves feel queasy. The country’s budget deficit could top 6 per cent of economic output this year. To plug the gap, Barnier is intending to hit the country’s largest companies with a hike in corporation tax. Households earning more than 500,000 euros (£420,000) are also going to be targeted.
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