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Paris 'prepares new move' to woo London's top earners after Brexit

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Paris 'prepares new move' to woo London's top earners after Brexit
Photo: AFP
13:04 CET+01:00
France is determined to make the most of Britain's divorce from the EU and is preparing more tax cuts to make the country attractive to top earners who might quit the UK after Brexit, according to reports in France.
France has long been seen as unattractive to top earners due to the high amount of taxes they have to pay compared to other countries, but the government of Emmanuel Macron is determined to alter that image.
 
 
Nevertheless the tax burden on high salaries in France remains an issue that complicates Paris's marketing drive.
 
According to Les Echos the government is preparing a new round of tax cuts in January in a bid to make Paris as competitive as Frankfurt with both cities fighting to replace London as Europe's financial hub.
 
The move would see a reduction in so-called "social charges" that are deducted from people's pay packets for those moving to Paris from London.
 
"Reducing the burden on the high salaries of finance is crucial to accelerate transfers from London to France. The public authorities have no ambiguity on this," said Arnaud de Bresson, the general delegate of Paris Europlace.
 
The high costs to employers in France compared to Germany or the Netherlands is also seen as hindering Paris's chances of wooing more bankers post-Brexit.
 
According to Les Echos an employer who pays a banker a salary of €100,000 a year will see payroll costs reach €49,000 in France compared €12,000 for the equivalent salary in Germany.
 
 
Brexit: France to cut income tax and open international schools to entice London's bankers to Paris
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