The Finance Minister, Bruno Le Maire, has assured that Paris will triumph over Frankfurt to be the EU’s core financial centre after Brexit. Ever since the UK voted to leave the EU, France has been competing with Germany and Ireland to grasp a part of the financial industry which intends to relocate outside of London.
However, Frankfurt seems to be in the lead by gaining double the amount of relocation commitments from dominant banks as Paris.
The President of France, Emmanuel Macron has vowed to steadily minimise the corporate tax rate from 33pc to 25pc by the end of his term in 2022.
The French government has revealed plenty of suggestions which aim at improving the attractiveness and appeal to Paris, following Brexit. The proposals involve the termination of the highest category for payroll tax levied on every salaried employee and the dissolution of plans to raise France’s 0.3% tax on financial transactions.