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01 February 2018

Bloomberg: Europe won’t need London finance, France says

European companies will do just fine with reduced access to London’s financial markets after the UK leaves the European Union, France says, dismissing suggestions they may suffer.

“Don’t worry about us,” a senior French official said in an interview. “We have four global banks in France, which will continue to finance the French and European economies. And we are sure that U.S. banks will also establish businesses in Paris. There won’t be a problem of financing.”

France is maintaining its tough stance ahead of negotiations between the U.K. and the EU on their future relationship, scheduled to begin end-March. President Emmanuel Macron’s government is opposed to a bespoke deal for U.K. banks and doesn’t envisage a trade deal for the country including financial services, the official said.

A country not signing up to single-market rules cannot have passporting rights, or a license to sell services freely across the bloc, said the official, who declined to be identified in line with government policy. [...]

Full article on Bloomberg

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