France Has Made €170 Billion From Brexit, Says Top Banker

Brexit is causing many companies to flee London for Paris, Frankfurt, and Dublin - Image Source: Wikimedia

FRANCE has made €170 billion euro and created 2500 new finance jobs as a result of Brexit, according to one of the country’s most important bankers.

Francois Villeroy de Galhau, chief executive of Bank of France, has said that while London remains Europe’s financial centre other cities such as Paris, Dublin, and Frankfurt have benefited from some companies leaving the UK after Brexit.

“In spite of the pandemic, almost 2,500 jobs have already been transferred and around 50 British entities have authorised the relocation of at least €170 billion in assets to France at the end of 2020,” he told a press conference.

He said that the rate of new jobs and assets leaving Britain for other European countries is set to rise and continue, adding that “other relocations are expected and should increase over the course of this year.”

Boris Johnson conceded last month that the Brexit deal with the bloc “does not go as far as we would like” in allowing access to EU markets for financial services. UK chancellor, Rishi Sunak, later offered the prospect of improved access in an effort to keep the City of London at the centre of European finance.

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Oisin Sweeney

Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...


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