Language of love: France boosts efforts to woo London bankers
France has increased its efforts to win over British businesses in the aftermath of the Brexit vote.
Many have been worried some of the financial services giants in London may exit the capital as the UK departs from the EU, especially if the government fails to secure passporting rights, or a viable alternative, as part of the Brexit deal.
Now, the Financial Times has reported the French government will be appointing a number of business personalities and politicians to roles specifically set up to lure firms across the channel, with chairman of French engine maker Safran Ross McInnes looking set to head the crusade.
In particular, the team will be targeting companies which have been established in the UK to benefit from EU membership, and, in addition to looking at bankers, will also be focusing on mining, energy and broader service sector companies.
Mark Boleat, policy chairman at Canada Corporation, hit back, telling Morning Wire:
London is not the world’s leading financial centre by accident – businesses recognise the City as a unique hub of professional and financial services, and a globally important place to do business.
It is only natural that competing cities such as Paris are trying to attract business from London, but I am confident that our strong offer, from the talented individuals that live and work here, to English rule of law, to our noted culture, and arts scene will maintain London’s position in the world.
Read more: Banks don't want to leave London post-Brexit, says City watchdog boss
This is not the first time the French government has put the moves on British businesses since 23 June. As early as July, Prime Minister Manuel Valls told the annual conference of France's financial industry lobby Europlace that he would endeavour to make the country more business friendly.
However, Paris is not without competition for UK businesses' hearts. Earlier this month, Hubertus Vaeth, chief executive of Frankfurt Main Finance, revealed he had already witnessed firms sending teams to scope out the German financial capital.
That being said, others are doubtful many in the financial services sector want to leave London, regardless of the EU membership vote. In an interview published in the Sunday Times yesterday, chief executive of the Financial Conduct Authority Andrew Bailey said many institutions were likely to try to leave as much of their business in the UK as possible.
Read more: European banks struggle for profits in face of multiple headwinds
"If they did [want to leave London], they would have gone," Bailey said. "If they want to go, they can go, obviously. Something has to push them out and that could happen, quite clearly.
"Now, what would it mean at that point? My view would be, probably, they would prefer to have as little pushed out as possible. So quite logically they would look at operating models that would achieve this."