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UK Economics

Brussels’ hopes dashed as investment boss backs UK to remain ‘heart of European action’

A LEADING investments boss has derailed the European Union’s hopes of luring British business and insisted London will remain the Continent’s main business hub despite Brexit.

Andre Bourbonnais, CEO of PSP Investments, backed the City of London to beat economic uncertainties fuelled by the UK’s European divorce and continue as a financial powerhouse.French president-elect hinted he would look to lure firms from London to Paris as he seeks to offer business a place within the bloc.Mr Macron has pledged radical reforms to shake up France’s labour laws, more flexibility in work hours and to inject dynamism into the French economy in a bid to attract new business.

However, Mr Bourbonnais told : “We certainly believe London is going to remain the financial centre of Europe.

Brexit news, business back LondonGETTY•CNBC           A leading investment boss backed London to remain Europe’s financial hub


We want to be the heart of the action and I think it is going to remain in London

Andre Bourbonnais

“It’s hard to think we can replicate the talent, infrastructure and the relationship and network which is based here.“We’re confident London is going to remain very important. It could be a number of opportunities for the big banks to send some of their staff elsewhere, but the decision-making centre is likely to remain here.“We are confident it is the right place for us to establish our office.”

Mr Bourbonnais even rebuked claims his business could opt for “satellite offices” inside the EU, insisting will continue to where they “concentrate their investment activities”.

“As I said because it’s likely to remain the decision centre, to us it doesn’t really affect us if there is a middle office activities that are elsewhere,” he added.“We want to be the heart of the action and I think it is going to remain here.”However, Mr Bourbonnais’ opinions were not echoed by Arnaud de Bresson, head of Paris Europlace, a group that promotes the city’s financial sector.

Mr Bresson believes 20,000 finance workers will move from London to Paris as becomes a reality.

He said: “Macron will personally make it his mission to convince the international banks as well as investors of the benefits of Paris.

Now is the time to come back and develop new innovative activities in France and benefit from a more business-friendly environment.”

As Paris is buoyed by optimism, Jean-Louis Missika, the city’s deputy mayor, added: “Mr Macron will make France a world platform for start-uppers, researchers, the innovation economy and finch.“Now we have the election result, so more companies will start to move activities and people to Paris.“It’s possible for all these companies, big or small, to have a foot in London and a foot in Paris because the relationship between the two cities will be more and more tied and important.”

http://www.express.co.uk/news/uk/802787/Brexit-news-PSP-Investments-support-London-as-European-Union-business-hub?utm_source=traffic.outbrain&utm_medium=traffic.outbrain&utm_term=traffic.outbrain&utm_content=traffic.outbrain&utm_campaign=traffic.outbrain

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