Christian Noyer has tried to convince British businesses to move to France
Former governor of the Bank of France, Christian Noyer, has claimed the French capital will be more business friendly than post-Brexit Britain.
However a host of top City employers are thought to have dismissed Noyer’s proposals.
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Noyer has admitted that France is not as attractive as Britain in terms of taxation
One city chief told the Sunday Telegraph there was no chance “in a million years” that British financiers would relocate across the Channel, as France is traditionally associated with high taxes and strict employment laws.
President Francois Hollande introduced a 75 per cent tax on all earnings of €1million – a move which forced a number of high-earners and celebrities out of the country, including Gerard Depardieu.
The desperate move by the Government to rack in more tax revenues was abandoned after just one year but has left a long-lasting impression on chiefs.
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Noyer has admitted that France is not as attractive as Britain in terms of taxation but argues the country is more favourable than Germany or Belgium.
In his presentation, Noyer is believe to have argued that the “perception is often far from today’s reality”, using the example that “the French labour regulation is not flexible”.
Working hours and wages can be now moulded at company level while consultations on large-scale redundancies can also be changed, the presentation claims.
The French Government has promised to cut corporation tax from 33.3 per cent to 28 per cent by 2020.
Noyer argued that the 'perception is often far from today’s reality'
The report also focuses on blasting the UK’s post-Brexit future.
HSBC is among one of the top firms who has mooted it may move more than 1,000 jobs to its French headquarters.
However Bank of America Merrill Lynch is reportedly searching for a new UK base in what is a massive Brexit boost for the Britain.
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