‘The market is in Europe’ Brexit warning as France moves to poach jobs from London

Valerie Pecresse, an ally of French presidential candidate Francois Fillon and current French assembly member, claimed the UK couldn’t expect to enjoy the “advantages” of the European Union without undertaking the “duties”.

She urged global banks to ditch the City of London because the “markets are in Europe” and Brexit might mean an end to the financial passporting rights currently enjoyed in Britain.

Speaking on BBC Radio 4’s Today programme, Nick Robinson challenged her on the claims and suggested Brussels may gang up on the UK because of the referendum result.

“I think in reality people will move for one of two reasons,” he said.

GETTY

Nick Robison challenged Valerie Pecresse to reveal why businesses would leave Brexit Britain

You will either bribe them to move or will change the rules of the EU to prevent London doing business

Nick Robinson

“You will either bribe them to move – you’ll give them big tax breaks and the French government has started to do some of that – or you will change the rules of the EU to prevent London doing business, certainly, around some European sectors.”

Responding to the allegations, Ms Pecresse said: “Let me put it differently, you chose to be outside of the European Union.

“When you have the advantages you also have to the duties as well, and if you don’t want the duties of the European Union, then you cannot have all of the advantages.”

As the exchange continued, Robinson added: “You’re being diplomatic, you’re being kind to Britain – you’re here to take our jobs and our business, you’re a French politician and it would be odd if you weren’t.

"Be less polite, why should people get out of London?”

Ms Pecresse replied: “Because the market is in Europe, the clients are in Europe, the tech is in Paris and the quality of life is in Paris.”

She said the EU exit had triggered huge competition for European cities to try and take business from London.

However, the French politician’s claims could look slightly premature after the Bank of America has predicted an optimistic outlook for the pound.

A spokesperson for the Bank said: “The markets have essentially been priced for a ‘hard’ Brexit already.”

Theresa May's Brexit plan Mon, January 16, 2017

It's finally here!

Getty Images 1 of 7

Continued cooperation with the EU to tackle terrorism and international crime.

And top banking strategists Athanasios Vamvakidis and Kamal Sharma predicted the end of Britain’s financial “panic” over Brexit.

They said: “The pound looks cheap. We think the start of the countdown to Brexit may prove to be the low point.

“We have no doubt that many political hurdles lay ahead for the pound but we doubt that the markets will be in a perpetual state of panic over everything Brexit-related headline.”

Related articles

• Pound to euro exchange rate: Sterling to RISE in the week ahead
• Iain Duncan Smith clashes with Stella Creasy over Brexit bill changes
• Boris delivers BRUTAL put down to Remain MPs as he arrives at EU