Jul 17, 2017 @ 10:13

By: Agence France-Presse

France is looking for to use Brexit to weaken the City of London, the British finance sector’s EU pointman warned in a leaked report revealed Sunday.

“They are crystal clear about their underlying objective: the weakening of Britain, the ongoing degradation of the City of London,” Jeremy Browne, a former authorities minister who’s now the City’s Brexit envoy, stated in a memo.

The leaked report, revealed by the Mail on Sunday tabloid, was written as a abstract to ministers of a visit made by Browne to France in early July.

“The meeting with the French Central Bank was the worst I have had anywhere in the EU. They are in favour of the hardest Brexit. They want disruption,” he stated.

Browne acknowledged there could also be political advantages to France of taking part in “bad cop” within the negotiations on Britain’s withdrawal from the European Union, which started final month and are due to resume in Brussels on Monday.

But “we should nevertheless have our eyes open that France sees Britain and the City of London as adversaries, not partners”.

This method was not confined to a number of officers, however was a “whole-of-France collective endeavour, made both more giddy and more assertive by the election of (Emmanuel) Macron” as president in May, in accordance to Browne.

The Mail on Sunday headlined the story “Macron’s Brexit Saboteurs”.

Browne provides that “every country, not unreasonably, is alive to the opportunities that Brexit provides, but the French go further”.

He says they’re “seemingly happy to see outcomes detrimental to the City of London even if Paris is not the beneficiary”.

Paris is competing with Dublin, Frankfurt and different centres for an anticipated shift in finance jobs out of London because of Brexit.

With Britain liable to shedding the “passporting rights” monetary corporations use to take care of shoppers in the remainder of the bloc, workers in direct contact with prospects might have to be based mostly on EU territory in future.

French Prime Minister Edouard Philippe earlier this month laid out a raft of measures geared toward boosting Paris’s attractiveness, together with eliminating the highest revenue tax bracket.

Browne, who was an MP for the pro-European Liberal Democrats till 2015, served as a junior international workplace minister in former prime minister David Cameron’s coalition authorities.

He was appointed particular consultant to the EU by the City of London Corporation, which represents the monetary sector, in September 2015.(AFP)

Source: politics.com.ph