PARIS French Finance Minister Michel Sapin said on Friday he would welcome London banks to Paris after Britain’s vote to quit the European Union, using the “red carpet” metaphor in an apparent dig at British Prime Minister David Cameron.
Cameron triggered a war of words with France at the G20 summit in Mexico in 2012 by offering to “roll out the red carpet” for French firms if the then newly-elected French President Francois Hollande followed through on promises to hike taxes on the wealthy.
Asked at a news conference if France would actively lobby banks to bring activities to Paris should Brexit makes life difficult for London based operations, Sapin said: “The red carpet can be used both ways and we don’t even have to spend any extra money.”
He added however that neither he nor the French government had “hostile” intentions towards London, saying “I think Britain already has enough political, economic and financial difficulties.”
Sapin said that the odd “tax measure here or there” would not change much Paris’ attractiveness as a financial center, though he saw the need to improve tax terms for expats.
Eager to boost the French capital’s position as an international financial center, the Paris Europlace financial lobby has called for more tax incentives, such as an extension of tax relief for expatriates to ten from five years.
(Reporting by Leigh Thomas- Editing by Andrew Callus)
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