France 'wants to disrupt and degrade' City of London

Postado Julho 17, 2017

France is setting out to weaken the United Kingdom economy and harm the City of London in the Brexit process, a lobby group has warned ministers.

The memo was written by former home office minister and City of London's Brexit envoy Jeremy Browne after he attended talks with banking chiefs, senior politicians and diplomats in Paris earlier this month.

In a memorandum leaked to the Mail On Sunday, he said the French were open about their desire to see the United Kingdom weakened.

France has become "giddy and assertive" since Emmanuel Macron's election, Mr Browne claims, adding that French bankers are now "crashing around London making heroic relocation promises" to firms who might be interested in a move to Paris due to the uncertainties surrounding financial firms' ability to carry out EU/euro related transactions on the same terms after Brexit. They are in favour of the hardest Brexit.

"The meeting with the French Central Bank was the worst I have had anywhere in the EU".

He acknowledged that the French were possibly simply taking tough negotiating positions, the "bad cop" approach, but said that "nevertheless".

"France sees Britain and the City of London as adversaries, not partners", he wrote.

"Every country, not unreasonably, is alive to the opportunities that Brexit provides, but the French go further, making a virtue of rejecting a partnership model with Britain and seemingly happy to see outcomes detrimental to the City of London even if Paris is not the beneficiary".

Browne wrote that it is a "whole-of-France endeavour" who have become "more giddy and more assertive" following the election of Emmanuel Macron as president in May.

"There is plenty of anxiety elsewhere in the European Union about the French throwing their weight around so aggressively, but their destructive impulses are not being confined, and other European Union countries that want a friendly relationship with Britain and the City of London are being marginalised", he wrote.