Macron exploiting UK Covid restrictions to lure top bankers to Paris in Brexit revenge

Brexit: London will remain financial hub says Charles Bowman

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Banking heads from JP Morgan, Goldman Sachs and other investment banks have been invited to the next instalment of a “Choose France” event at the Palace of Versailles on June 28. At the summit, the French President will make the case for investing in his country.

The invitation comes as banking executives call on British ministers to lift travel restrictions for fully inoculated workers so that foreign business trips can resume.

An investment banking source told The Telegraph: “We have to run a business and we do need people to go between London and New York.

“The French are opening their ­country for business.

“We don’t want to be an exception. We are not trying to be selfish, we are saying all business needs this.”

Finance executives have bemoaned the Government’s reluctance to lift quarantine free travel and warn that unless normal business travel is restored, London’s role as the financial global hub will be damaged.

Under current restrictions, passengers are required to quarantine for 10 days when travelling from amber list countries such as the US, France and Germany.

Top industry chiefs have stated that current restrictions make business trips impossible.

However in France, travellers from the US and other EU countries are exempt from quarantine or testing on arrival if they can prove they are fully vaccinated.

London for now still remains the largest financial hub in Europe but assets and personnel are beginning to transfer to the continent.

Brexit tensions and uncertainties have also been an incentive for banks to move out of the UK.

Goldman Sachs, JP Morgan and Nomura have already set up European hubs in Frankfurt as the location offers lower operational costs.

Emmanuel Macron’s ‘Choose France’ summit will be the fourth instalment of the annual investment event.

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The first summit in 2018, led to pledges of around €3.5bn in investment.

However, some reports have suggested traders are reluctant to make the move to the continent.

Stephane Rambosson, co-founder of Vici Advisory, an executive search firm based in London, told Bloomberg: “I’ve got cases of people moving to the Continent and they are really not happy.”

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