French Govt pushes 'Finance friendly' efforts to attract Brexit-fleeing banks from London

Reuters reported a group of senior financial industry executives saying that France's Prime Minister Edouard Philippe outlined on Friday plans to ease the financial sector's wage bills and vowed to keep the regulatory burden competitive.

Key Quotes:

“Philippe announced the scrapping of the highest bracket of payroll tax for firms like banks that do not pay VAT, and canceled a planned extension of tax on share trading, both measures unthinkable under Hollande.

The new policy will also ensure bankers' bonuses are no longer taken into account when labor courts decide unfair dismissal compensation.”