French economy minister predicts Paris overtaking London after Brexit

A minister from the French government has insisted that within five to ten year, Paris could be the “first financial place” in Europe.

A junior economy minister and a key ally of President Macron, made his comments while on a visit to London intended at persuading companies to shift business from the United Kingdom to France after Brexit.

He said he was confident the French, which has been a minor financial center overshadowed by London for several decades, would be more prominent in the future.

The comments were made in the middle of a recent study which discovered that London had prolonged its lead as the world’s top destination for financial services.

“In five to 10 years, Paris will be the first financial place in continental Europe,” said Mr Griveaux to the reporters, continuing: “London will remain an important and major financial place, for sure.”

He had earlier made use of an interview to insist that the drive to attract more international companies to France was not solely because of the looming departure of the United Kingdom from the European Union. Rather, it was part of his government’s plans to secure more business worldwide.

Speaking hours after Chubb, a global insurance giant, revealed plans to shift its European headquarters from London to Paris following Brexit, Mr. Griveaux informed IAN King Live: said: “We are in very good negotiation with many banks, many American banks and also some hedge funds.”

He declined to put a figure on the number of jobs that he hoped to snatch from London, citing discretion, he debated that the recommended reorganisation of his country’s labour laws to make them less restrictive would be positive for the under-performing domestic economy.

The legislation, which is experiencing considerable opposition from unions in France, is the focus of reforms put forward by the Macron administration intended at attracting more foreign investment.