Paris in Brexit Snatch: France to slash taxes in bid to grab British business

[ucrdem]

Source: Daily Express

France announced plans to loosen employment laws to try and lure big business away from London’s City.

French Prime Minister Edouard Philippe said he would use “all means” to make Paris the financial capital - stealing the crown from London, Britain’s capital.

And HSBC’s chief executive Stuart Gulliver said: “The package of reforms suggested last week is very, very positive.”

He warned if there is no Brexit deal and it impacts the bank’s massive operation in London the company will be forced to relocate 1,000 jobs.


Mr Philippe said: “We want Paris to become Europe’s new number one financial hub after Brexit.”

Read more: http://www.express.co.uk/news/world/827749/Paris-Brexit-banks-SNATCH-France-taxes-British-business-HSBC

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p.s. the headline is colorful but the news is real. Announced so far: $11 billion in tax cuts, elimination of the top income tax bracket, and cutting the cost of employing financial services staff in France. More from the Express article:

Many more countries are fighting for the same top spot, including Germany’s Frankfurt, Ireland’s Dublin and Berlin in Brussels.

Banks have a deadline of July 14 to outline their post-Brexit plans for the Bank of England.

At the same conference JP Morgan Chase’s chief executive Jamie Dimon said the giant bank would be splitting between Frankfurt, France and Ireland, but mainly Germany.

[beachbum bob]

1. The cost to England for their blunder will be huge as they have

No protection now from this happening. Karma is a bitch

[DFW]

2. I hope this is universal, and not just tailored to the banking sector

I have two local guys working for me in Paris, and the cost has been a source of irritation to my HQ back in the States. The payroll tax alone is around 55% on top of their gross salary, and they get hit for around the same percentage in income taxes on what is left. My two guys have been very loyal, and have both been with me for 20 years now. I hope to keep them both, but it has been pretty much a charity plea on my part that has been granted by Dallas ever since the Socialists took over some 5 years ago. After all charges we pay are calculated, and their own taxes are deducted, they both take home about 20% of what they cost us, and that couldn't go on forever.

[NobodyHere]

3. Tax cuts for the rich and the loosening of labor laws

Somehow I'm not excited.

[GulfCoast66]

4. Generally I agree

But there has to be a happy medium.

As social democrat I want to use tightly regulated and taxed capitalism to let capitalism do what it does. Make profits. But insuring those profits benefits society as a whole. If pushed to far capitalism stops being a creator of wealth.

I love France and am there pretty often. In some ways they have gone too far.

But they are a hell of a lot better than us!