Saturday, July 8, 2017

French Lure

I sat this morning and read over a French piece via the Daily Mail out of London.  The topic?  A French attempt to lure the Brit bankers into France.

The emphasis of this story is the French willingness to cut the top income tax bracket where the high-end bankers would occupy if they lived in France.  The plan also centered on protecting bonuses that they would receive, and inventing some type of international school for banking positions.

At the heart of the whole attempt to lure Brit bankers in....is the French government idea of cutting regulations on jobs and trimming the tax code.

The odds of success?  That's the big question.

In some ways, the new Macron government is acting like the Trump administration.....perhaps in some ways shocking the rest of Europe and driving some to fear consequences if Macron gets his way.

The tax change?  I would imagine that the EU will step in and try to say that you can't undo some of the regulations, and the unions of France will have a fit if this starts to actually occur.

As for the banks?  They might go and ask the UK government about taxation changes coming and suggest competition might fall into place.

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