French businesses prepare for post-Brexit relationship with UK Description video: When the European Union and the United Kingdom announced that a Brexit trade deal had been agreed upon, there was relief for French businesses. \nThe country is a central pillar […]
French businesses prepare for post-Brexit relationship with UK
When the European Union and the United Kingdom announced that a Brexit trade deal had been agreed upon, there was relief for French businesses. \nThe country is a central pillar of the European Union and many there would have preferred the UK to remain.\nBut industry and government say they are now ready to manage the new relationship with the UK. \n\nAl Jazeera’s Natacha Butler reports from Calais, France. \n\n- Subscribe to our channel: http://aje.io/AJSubscribe \n- Follow us on Twitter: https://twitter.com/AJEnglish \n- Find us on Facebook: https://www.facebook.com/aljazeera \n- Check our website: https://www.aljazeera.com/\n\n#France #Calais #BrexitTradeDeal
Brexit created 2,500 jobs in France and raised € 170 billion in assets
The head of the Bank of France claims that “50 British businesses” have moved across the English Channel, while Dublin, Amsterdam and Frankfurt have also benefited.
The head of the Bank of France said that Britain’s exit from the European Union led to the creation in France of almost 2.5 thousand jobs and «at least 170 billion euros in assets».
London remains the continent’s foremost financial hub, but Amsterdam, Dublin, Frankfurt and Paris are struggling to attract businesses that wanted to remain active in the 19-country eurozone..
The coronavirus pandemic has made boosting business even more important given its severe economic impact.
«Despite the pandemic, almost 2,500 jobs have already been transferred, and about 50 UK organizations have authorized the transfer of assets worth at least € 170 billion (£ 150 billion) to France at the end of 2020», – said the head of the regulator Francois Villerois de Gallo during a press briefing.
«More transfers are expected and should increase this year», – he added.
In particular, Brexit has forced Europe to develop its financial autonomy, de Gallo said.
The EU will allow London clearing houses to operate across the continent for 18 months because the EU does not have its own comparable institutions.
However, after this period, financial transactions in euros will theoretically have to be made within the EU..
Besides, «present« financial union» should allow better mobilization of surplus savings, as de Gallo said.
He urged to use the opportunity presented by Brexit to create a functional «capital markets union» the weight.
Boris Johnson admitted in December that the terms of the Brexit deal with the EU «don’t go as far as we would like» in providing access to EU markets for financial services, although the UK Chancellor Rishi Sunak later offered the prospect of improving access.