London mayor woos French banks
Boris Johnson has wished ‘bienvenue à Londres’ to any French banks seeking to flee President Sarkozy’s planned
LONDON mayor Boris Johnson has invited French bankers to work in the City instead to escape the planned financial transactions tax.
President Sarkozy has announced unilaterally that France will bring in such a tax – at 0.1% - by August so as “to set an example” to other EU states, who are deliberating on the idea.
“There’s no reason why deregulated finance, which brought us to the current [economic] situation, can’t participate in the restoration of our accounts,” he said.
However Mr Johnson and Angela Knight, the chief executive of the British Bankers’ Association, have said the tax will “clearly cost jobs in Paris” and that London should benefit.
Mr Johnson said: “Bienvenue à Londres. This is the global capital of finance. It's on your doorstep and if your own president does not want the jobs, the opportunities and the economic growth that you generate, we do.”
The comments follow ones in a similar vein from UK Prime Minister David Cameron, who has called France’s plan “mad” and said Britain will welcome French banks.
The UK already has a 0.5% stamp duty on purchases of UK shares; however it opposes a wider ranging tax.
