Brexit has driven 2,500 finance jobs and €170bn to France, says bank governor
Bank of France chief claims ‘50 British entities’ have moved over the Channel, while Dublin, Amsterdam and Frankfurt have also benefited
The La Defense business district in Paris. Hundreds of finance jobs have moved to France due to Brexit, according to the country’s central bank governor.
Photograph: Martin Bureau/AFP/Getty Images
The Bank of France’s governor has said that Britain’s withdrawal from the European Union has driven almost 2,500 jobs and “at least €170bn in assets” to France.
London remains the continent’s foremost financial centre but Amsterdam, Dublin, Frankfurt and Paris have all scrambled to attract businesses that wanted to remain active in the 19-nation eurozone.
The coronavirus pandemic made it even more important to boost business activity, given its severe economic effects.
“In spite of the pandemic, almost 2,500 jobs have already been transferred and around 50 British entities have authorised the relocation of at least €170bn (£150bn) in assets to France at the end of 2020,” bank governor Francois Villeroy de Galhau told a press briefing.
“Other relocations are expected and should increase over the course of this year,” he added.
In particular, Brexit has forced Europe to develop its financial autonomy, de Galhau said.
The EU will allow London clearinghouses to operate across the continent for 18 months, because the union does not have comparable institutions of its own.
London remains the continent’s foremost financial centre but Amsterdam, Dublin, Frankfurt and Paris have all scrambled to attract businesses that wanted to remain active in the 19-nation eurozone.
The coronavirus pandemic made it even more important to boost business activity, given its severe economic effects.
“In spite of the pandemic, almost 2,500 jobs have already been transferred and around 50 British entities have authorised the relocation of at least €170bn (£150bn) in assets to France at the end of 2020,” bank governor Francois Villeroy de Galhau told a press briefing.
“Other relocations are expected and should increase over the course of this year,” he added.
In particular, Brexit has forced Europe to develop its financial autonomy, de Galhau said.
The EU will allow London clearinghouses to operate across the continent for 18 months, because the union does not have comparable institutions of its own.
Once that deadline has expired, however, financial transactions in euros are in theory going to have to be settled within the EU.
In addition, “a true ‘financing union’ must allow us to better mobilise surplus savings de Galhau said.
He urged that the opportunity provided by Brexit be used to create a functional “union of capital markets” in the EU.
Boris Johnson admitted in December that the Brexit deal with the EU “does not go as far as we would like” in allowing access to EU markets for financial services, although UK chancellor, Rishi Sunak, later offered the prospect of improved access.
In addition, “a true ‘financing union’ must allow us to better mobilise surplus savings de Galhau said.
He urged that the opportunity provided by Brexit be used to create a functional “union of capital markets” in the EU.
Boris Johnson admitted in December that the Brexit deal with the EU “does not go as far as we would like” in allowing access to EU markets for financial services, although UK chancellor, Rishi Sunak, later offered the prospect of improved access.
Some, in reality limited, number of transactions that legally must be settled on EU soil will have to be transferred out of London.
ReplyDeleteHowever, London remains the pre-eminent Global financial centre. Unless the Brits do something stupid, that will remain, because that is separate from whether it is in EU or not.
Boris bodoh Johnson plays a wrong game. Though not all his faults. His many pre pm colleague played the wrong moves too. It's just typically pommie overconfidence of arrogance showing.
ReplyDelete1) the slow & coming downfall of US with the help of covid pandemic makes the expected US/UK trade & politics relationship that much less optimistic.
2) the American first MAGA unavoidably making the tie between an ex-EU UK (soon to be England alone) & US that much less Gungho - or less overly enthusiastic or energetic about close cooperation between the two nations.
UK, especially England, needs that respected US supports when briexist finally happened. Yet, all r just day dreaming now. She will be isolated, by her own self & drowning in her past 'glories'.
Banana Bankers to the Rescue...ha ha ha...stick it to Bullyland....up yours.....
ReplyDeleteQUOTE
UK government ‘has underestimated takeup for Hong Kong resettlement scheme’
Survey finds more than 600,000 may want to move to Britain, many within two years of January start date
Emma Graham-Harrison
Fri 11 Dec 2020
Hong Kong residents are likely to move to the UK faster than the British government has anticipated, and more should be done to prepare for their arrival, a new advocacy group has said.
HongKongers in Britain (HKB) surveyed city residents hoping to emigrate under a new British government scheme that opens in January, allowing those with colonial-era British National Overseas (BNO) status to obtain visas and pursue a “path to citizenship”.
The Home Office has already said it expects nearly half a million people to take up the offer over its first three years, but HKB said the number could be more than 600,000.
Around three-quarters of those planning a move hold university degrees and earn salaries well above the city’s average, so will be well positioned to contribute to the British economy.
Four out of five of those surveyed want to come in the next two years, quicker than anticipated by the UK government.
“The speed in terms of how soon they want to come to the UK or leave Hong Kong [is] quite astonishing,” said Rikkie Yeung of HKB. “Many will come soon, very soon. The majority, 80%, were planning to emigrate, leave Hong Kong, within two years.”
UNQUOTE
Keep doing yr f*cked c&p lah!
DeleteDON'T forget to double check the FARTS stated as happened many a time before in yr rush to c&p trashes.
But how to expect a blurred mfer to crosscheck any stories? It is blurred, remember!