Why Paris will fail in its bid to usurp the City
Looming behind the Frost-Barnier negotiations is a battle between London and Paris as financial centres. After the June 2016 referendum, the French failed miserably to seduce City institutions away from the UK. There was no exodus from London, and of those few relocations to the continent, most avoided Paris, preferring to scatter widely from Dublin to Frankfurt and Amsterdam. After failing in the first instance, the French will now attempt to do so by force under the cover of the EU negotiations. The strategy of Macron and his ambitious Finance Minister, Bruno Le Maire, will be to ensure Europe does not recognise passporting for British banks, that Euro-denominated transactions are
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