Prime Minister and Paris Region officials
10 July 2017

Making Paris the leading European Financial Centre post-Brexit

On 7 July, at the Monnaie de Paris, Edouard Philippe, Prime minister, presented measures to all relevant stakeholders to establish Paris’ Financial Centre as a European financial centre of reference. The aim is to strengthen attractiveness and competitivity in collaboration with local and regional authorities through three watchwords: amplify, simplify, welcome.
 
In the context of the United Kingdom’s upcoming exit from the European Union, Paris shows great potential for the relocation of financial activities within the continent. With the reshaping of the European financial landscape, Paris is the only financial capital, after London, to provide a complete ecosystem in one place. “France has a unique opportunity to seize the potential of our financial centre, to make Paris the leading European Financial Centre post-Brexit”, declared the Prime minister before Anne Hidalgo, Mayor of Paris, Valérie Pécresse, President of the Île-de-France region and Patrick Ollier, President of the métropole du Grand Paris (Grand Paris metropolitan authority).
 
The goal of all of these actors is to make attractiveness France’s fundamental driving force for growth and financial independence. Though multiple European partners are ready to take on the position, Paris’ Financial Centre has many solid strengths:
  • a complete financial ecosystem for which the quality of regulations and supervision is unanimously recognised on a global level;
  • scientific, legal and financial training courses of the highest quality;
  • a high level of interconnection provided by transport in the Parisian region (Eurostar).
The Government has plans for new measures, which attest to the city, region and métropole’s common determination to strengthen this attractiveness and make Paris the leading European financial centre.

Measures to enhance Paris’ attractiveness

The plan to enhance the attractiveness of Paris’ financial centre rests on three words – amplify, simplify, welcome – which provide the basis for the key measures announced by the Prime minister.
 

Amplify the policy on competition regarding the cost of labour

  • Abolishment of the increased rate of 20% for the last tranche of payroll tax, to promote the creation of direct and indirect jobs.
  • For some employees in finance (traders or risk takers), exemption of deferred bonuses in the calculation of their severance pay.

Simplify our legal and fiscal framework, for better legibility

  • Reduction of corporate tax to 25% by 2022, compared with 33.3% today.
  • Reform on capital taxation: the solidarity tax on wealth will be replaced by a wealth tax on real-estate assets tightened around property assets, and a single tax rate of around 30% on savings interest will be implemented.
  • Abolishment of the extension of the financial transaction tax base to intraday operations.
  • Fight against over-transpositions of European economic and financial directives in French law, in order to ensure fairness for all on the single market.
  • Creation of a chamber, within the Court of Appeals of Paris, specialised in the legal handling of international business litigation.

Welcome those who wish to come and work in France

  • Development of international education facilities, to respond to the challenge of the arrival of new pupils and students to school, particularly through the opening of three international high schools in Île-de-France by 2022.
  • Development of academic pathways with a strong linguistic diversity (binational baccalaureates, international sections, etc.).
  • Strengthen the list of languages available in academic pathways (particularly bilingual facilities) as early as the French 3rd cycle (so from the last two years of primary school), followed by the French 4th cycle (secondary school) and in high school.

Our Ambition for Paris’ Financial Centre

Press release - 7 July 2017... [Read more]
7 July 2017