French PM tells London: ‘France is pro-business’

France’s Prime Minister Manuel Valls visited London on Monday to try to convince British bankers and his counterpart David Cameron that his government was "pro-business". He warned London that the UK would "lose a lot" if it exited the EU.

French PM tells London: 'France is pro-business'
French PM Manuel Valls meets his UK counterpart David Cameron on a visit to London. Photo: Adrian Dennis/AFP

Valls headed to the heart of the British financial sector in London on Monday where he gave a speech before the country’s top bankers after meeting his UK counterpart David Cameron.

The French PM made the trip, as he did last month to Germany, in an effort to convince UK financiers that France is putting into place reforms that will cut its spending and debt as well spark economic growth.

When French president François Hollande was elected in 2012 he told France that his "real enemy was the world of finance".

But Hollande has since had a change of heart and both he and Valls have been at pains to stress the Socialist administration has the interests of companies at heart.

In his speech, at the Guildhall in London's banking district known as The City, Valls told the audience in English that his government was "pro-business".

In the rest of speech, which was given in French, he also warned that Britain would "lose a lot" if it were to leave the European Union.

"Britain, and in particular the City, would lose a lot if it were to turn its back on Europe," Valls told executives. 

"France wants Britain to stay in the European Union," he said, calling also for joint action to reform Europe and make it "more intelligible to bring it closer to the people".

"There is a choice that we can and should make together: reform Europe to put growth, competitiveness and jobs back at the heart of its priorities," he said.

After a leading British businessman dismissed France as "finished" last week, Valls told bankers he intends to challenge his government to restore France as the most powerful economy in Europe.

"France has many positives," he said. "In particular its youth and its demography.

"Our first challenge is to restore the competitiveness of our businesses," he added. 

The French leader also joked that the sight of a Socialist French PM visiting London's famous financial district represented "a revolution".

"A French prime minister in the City is an event. A Socialist French prime minister in the City is a revolution!," he joked.

He also delivered "some bad news for London", telling bankers that shops in Paris would soon be open on Sundays, as they are in the UK capital.

And in what might have raised a few eyebrows among financiers Valls also said that France had to cut taxes "which weight heavy on households".

SEE ALSO: 'France is Finished? LOL! England's a disgrace'

His speech comes after the head of high-end British retailer John Lewis told a group of young entrepreneurs last Thursday that “France is finished” and “sclerotic, hopeless and downbeat.” He later apologized but it was just the latest example of French bashing from a British source.

Lest we forget, David Cameron himself famously said in 2012 he'd "roll out the red carpet" for French companies looking to escape a 75 percent tax rate on top salaries.

Political jibes aside, the French and British a great deal of business together. Last year alone British concerns made 42 investments in France that created some 2,500 jobs, 17 percent increase over the previous year, French economic publication Les Echoes reported.

And Britain was the fourth largest overall investor in France behind the United States, Germany and Italy. It's also worth noting that British investors have more money tied up in France than anywhere else in Europe.

Notable examples include the hugely successful roll out of low-cost British retailer Primark and the continued presence of Marks & Spencer department stores in France. That said the British economy is expected to grow 3.2 in 2015, while there's debate over whether French growth will even hit one percent.

Valls's mission tol London echoed a visit to Germany last month when he made efforts to reassure Berlin that i twas up to France to get its own house in order.

"There is a clear commitment by the prime minister to persuade all of our European partners of what is happening in France," an unnamed French diplomatic source told AFP.

"We see the European press and the attention focused on us. They are asking 'what is happening in France?', hence the need for us to carry out these visits," she added.

If negotiations with fiscal hawk Merkel were tough, they threaten to be even harder with Cameron, who is currently trying to appease the eurosceptic wing of his Conservative Party and fend off the anti-European UK Independence Party ahead of next year's general election.

He has already promised to hold an in-out referendum in 2017 on Britain's membership of the European Union if his party wins the election.

The meeting comes amid criticism of France for not doing enough to reduce its budget deficit next year and suggestions made by an EU source to AFP that Brussels is set to reject the new Valls government.

On Monday afternoon, Valls is likely to find a more sympathetic ear when he meets Ed Miliband, leader of the centre-left opposition Labour Party.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.


What are the 26 French ‘unicorns’ hailed by the government?

France now has 26 'unicorns', something Emmanuel Macron's government sees as a major success. Here's what this means and how it affects France's future.

People dressed as unicorns attend a tech summit.
People dressed as unicorns attend a tech summit. France now counts 26 start-ups valued at more than $1 billion. (Photo by CARLOS COSTA / AFP)

In 2019, French President Emmanuel Macron set what seemed like an ambitious objective: having 25 French start-ups valued at over $1 billion by 2025. 

These companies are colloquially referred to as “unicorns” or licornes in French. 

The target was very on-brand. Macron had sold himself at a youthful, ambitious and liberalising president keen to lead France towards modernity. 

To achieve this goal, the government lifted regulations; hired liaison officers to manage relations between tech entrepreneurs and government ministers; created a new kind of visa to allow entrepreneurs, innovators and investors to move to France; and launched an incubator scheme known as the French Tech Tremplin (“French Tech Trampoline”) to help underrepresented groups such as women, poor people and those in the countryside to launch tech start-ups. 

Just three years later, it appears these efforts have paid off. 

“They told us that it was impossible – that creating a start-up nation was just an act. But collectively we have got there three years ahead of schedule,” said Emmanuel Macron on Monday, sporting a Steve Jobs-style polo neck as he celebrated the fact that France now had 25 ‘unicorns’. 

On Tuesday, La French Tech, a body run by civil servants aimed at creating a healthy environment for start-ups in France heralded another success – a 26th licorne

The latest addition is a company called Spendesk – it runs a platform that allows small and medium sized businesses to manage spending, expenses, budgets, payment approvals and invoices through a single integrated platform. It is already used by thousands of clients. 

Spendesk recently raised a further $100 million, pushing its overall value past the $1 billion mark. It plans to employ a further 700 people in France. 

La French Tech couldn’t contain its joy. 

“We don’t ask ourselves what is going on, we know it: #FrenchTech is booming #26unicorns”, wrote the organisation in its Twitter account. 

La French Tech claims that beyond the 25 ‘unicorns’ valued at $1 billion or more, there are a further 20,000 tech start-ups in France and that half of French people use their services daily. The organisation says that this sector has already created 1 million jobs – and that this figure should double by 2050. 

“French tech is obviously about more than these unicorns, but I see them as an example, a model for the rest of the ecosytem,” said Macron on Tuesday. 

So who are the other unicorns leading the way? 


This start-up was created in 2016 and offers health insurance coverage for individuals and businesses. What differentiates it from standard health insurance providers, or mutuelles, is that it functions through an easy-to-use app. Individuals can send medical bills directly from their smartphone and be reimbursed almost immediately. Doctors can be reached through the app’s messaging and video call services. Employers can manage arrêts de travail the comings and goings of poorly staff directly through the interface. It is currently available in France, Belgium and Spain, counting 230,000 members. 


Ankorstore is an online marketplace aimed at supporting independent wholesalers – from florists to concept stores. It pitches itself as a platform to buy “authentic products and brands that e-commerce giants such as Amazon do not offer.” It is present in 23 European countries with offices in France, Germany, the Netherlands, Sweden and the UK.


This carpooling service has more than 100 million members across 22 countries. It connects drivers with people looking for a lift on a highly accessible app and website based platform. BlaBlaCar allows people to save money on transport and said that it saves 1.6 million tons of CO2 emissions in 2018 through ride-sharing – the platform has grown significantly since then. This company has also started running a bus service, BlaBlaBus. 

BlaBlaCar launched BlaBlaBus in 2019.

BlaBlaCar launched BlaBlaBus in 2019. (Photo by PHILIPPE DESMAZES / AFP)


Backmarket is a website for buying used, unused or reconditioned electronic devices. The company sells everything from cameras, to laptops, to iPhones – at well below the market rate. Many of the products come with a warranty. The company is keen to emphasise its role in reducing electronic waste and carbon emissions involved in manufacturing new products.


This start-up has existed since 2012. It acts as a tool to allow website and app designers to monitor how their users behave while on their webpage/app. Contentsquare provides analytical information that can help to tailor websites to improve the digital experiences of users. 


Deezer is an online music streaming services similar to Spotify. It was founded in 2007 and counts 16 million active users. 


Doctolib is a platform that connects patients to medical professionals. Creating an account is free and allows you to book medical appointments, with filters such as the kind of care you want, the area of the medical practice and the languages spoken by the doctor. It runs via a user-friendly app and website and is available in France, Italy and Germany. During the Covid-19 pandemic, it has become the main way that French people have booked vaccination appointments. 


This company was founded by two engineers in 2014 and manufactures intralogistic robots. The technology is used in warehouses of retailers, supermarkets, e-commerce and industry. In essence, it is used to remove human labour from the supply chain. 


iad is a network where people can sign up to learn how to become an independent real estate agent – it also serves as a site where people can look for property to buy or rent. 14 percent of all properties sold in France in 2020 went through this platform according to one study. 


Ivalua is a tool used by organisations to manage spending and supplies. It operates largely though Artificial Intelligence and provides a wide range of functions designed to improve collaboration and decision-making. 


Ledger is a company that provides individuals and businesses an easy way to buy and sell cryptocurrencies and store these currency on USB-type hardware. If you get sick of that guy at work who never stops talking about Bitcoin, this is probably not one for you. 


This is a payment app that allows people with French bank accounts to send and receive money with other users, and is often used by friends to reimburse each other with small amounts for dinner, drinks, holidays etc. If you hold your savings in the app, you can benefit from a 0.6 percent interest rate. It also allows you to pay for things overseas without incurring fees. 


ManoMano is an online marketplace specialised in DIY and gardening equipment. It employs 800 people in 4 offices and operates across 6 European markets: France, Belgium, Spain, Italy, Germany and the UK. It’s website sells products from more than 3,600 retail partners and stocks more than 10 million products. 


Patients can download this app after undergoing dental work. They can then use the secured system to send pictures of their teeth to their dentist (if the dentist is subscribed to the service). The start-up boasts that it can allow dentists and orthodontistes to carry out remote consultations and that the AI technology embedded in the app can automatically detect dental problems. 


Meero is a company that connects professional photographers to clients and vice versa. It organises one photo shoot every 25 seconds and has more than 30,000 customers around the world. 


Mirakl is a cloud-based e-commerce company that allows retailers, manufacturers and wholesalers to access a single online market place. The start-up aims to help other businesses scale-up their operations rapidly and describes its staff as “Mirakl workers” (as in the French ‘miracle’ pronounced me-rackluh). 


This start-up was founded in 1999 and is now Europe’s biggest cloud provider, offering both public and private information storage solutions. They also provide domain name registration, telecoms services and internet connection. 


Payfit is an automated payroll service that allows employers to save time dealing with spreadsheets and other systems. It is an intuitive bit of software already being used by 6,500 small and medium-sized businesses.


Qonto provides financial services to freelancers, self-employed people, small businesses, charities and new businesses. It provides solutions for managing expenses, accounting, invoices and payments. 


This company is based in Paris and helps global insurance companies to detect fraudulent insurance claims via artificial intelligence technology. 


This is a fantasy football game where users build and manage squads, trading, selling and buying players. It makes use of blockchain technology. French footballer Antoine Griezmann is a major investor. 

A tradable player card from Sorare.

A tradable player card from Sorare. Credit: Sorare


This is a financial and networking service for businesses and employees. It essentially is a bank card with an app that allows employers to issue anonymous surveys to employees, facilitate communication via a messaging service, organise collections and plan events. 

Vestiare Collective

This is an online marketplace for second-hand luxury fashion. Be aware that some items still cost thousands of euros, so they’re only ‘bargains’ in relative terms. 


This is an online and app-based service. Users can create an account for free to be alerted of upcoming sales of up to 70 percent on their favourite brands. It is available in eight European countries including the UK. 


Voodoo is a French mobile game developer and publisher. It provides help for video game developers to promote their work and councils them on the development process. In the past, Voodoo has come under fire for producing games that appear to be closely modelled on other games already on the market.