Britain’s vote to leave the European Union sparked outpourings of shock and regret across the continent – followed quickly by calculations of the potentially rich pickings to be had from its departure.
Nowhere more so than in Paris, which set about rolling out not one but many red carpets to lure the Brexit-wary away from London. Promises came fast and thick: lower taxes, easing of employment laws, even the possibility of filing official documents in English – some departure in a country where the “language of Shakespeare” has long been seen as a threat to French.
Today, those behind Paris’s campaigns to become the EU’s new financial hub say their efforts are bearing fruit and are generating “enormous interest” from world banks and financial institutions who, they claim, are planning to move all or part of their operations to Paris. Nobody is naming names, although a fortnight ago banking giant HSBC announced it was preparing to move 1,000 workers from London to Paris because of confusion over the UK government’s Brexit plans.
French officials predict up to 60,000 jobs – half from the financial sector and half from other British-based industries – could move to Paris following Brexit. “And every one of these jobs creates another three or four in commerce, services and property,” says Valérie Pécresse, president of the Île-de-France region. “Brexit is profoundly regrettable, but we cannot be passive or naive.”