UK Economics

City of London envoy DEMOLISHES France’s bid for British bank jobs with devastating jibe

THE CITY of London’s representative to the EU mocked the idea that France or Germany could replicate the success of London’s financial powerhouse.

Talking to Swedish financial news service EFN, Jeremy Browne, special representative of the City of London, poked fun at the idea that European capitals could steal city jobs after Brexit.Browne pointed out: “You have a lot of interesting positions.

“The French who’ve spent decades railing against Anglo-Saxon capitalism and bankers now say ‘come to France, it’s the most banking friendly place you could ever choose to locate your business’.

City Of London EFN/Getty          The City Of London’s representative to Brussels mocked France’s pitch to bankers.

There’s quite a lot of people in London whose memories are slightly longer than that and are a bit sceptical about the French pitch

Jeremy Browne

“There’s quite a lot of people in London whose memories are slightly longer than that and are a bit sceptical about the French pitch.”Frankfurt is often pointed to as a likely winner from Britain’s decision to leave the bloc. But Browne pointed out that Germany might also be loathe to take on the “burden” of a financial centre.

“There’s quite a lot of scepticism in Germany about how successful they want Frankfurt to be.”

“When I go to Frankfurt, they’re quite enthusiastic about the Frankfurt option; when I go to Berlin, they’re not quite so enthusiastic.

Paris Frankfurt Getty            Paris and Frankfurt have been mooted as potential EU banking hubs after Brexit.

“This is because this is actually quite a burden for the British government and the British taxpayer to stand behind this massive financial centre.”People quite like the idea that they will get some spoils, anther thousand jobs, another three thousand, another five thousand.

“If they really got what they wished for, I mean about ten times more people work in London than in Frankfurt. If there was a big shift that would have big implications for the German government as well.

“I get quite a sense that in Berlin, they wouldn’t mind some prizes, but not a fundamental shift of that type.”

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