Biden and Macron to dethrone London as world financial centre
France President Emmanuel Macron plan’s to use the EU’s trade talks with Britain to dethrone London as the European banker could come to fruition if Joe Biden wins the US Presidency in November. The claims come from former Foreign Secretary and Labour and SDP party member Lord David Owen. However, the French President’s plans may be scuppered by a US-UK trade deal which Boris Johnson hopes to implement in 2020.
Lord Owen claimed in an interview with the Express that if New York and the City of London become interconnected following a comprehensive agreement, there is no chance Frankfurt or Paris will attract more business.
He goes on to say: “If New York is linked to London, and they have all that clout and authority. They will be able to put in cheaper things.”
“Now, they have already put people in some other European countries because of Brexit, but unless they want to put up barriers, their industry is going to start saying: ‘I am sorry, I am getting an offer from JP Morgan London that is significantly lower over a ten year period investment. I can’t afford to not give it a go.’ If they are closer to American they can pull in all that finance. Being told by a politician you have to use Frankfurt or Paris is nonsense. Unless they want to go to a completely regimented, protectionist system, those people will not go. They will not get the investment.”
Last week, the UK and Brussels ended the first round of bruising negotiations with Europe adamant it shall maintain it’s current fishing rights in British seas and wants Downing Street to agree to a number of EU regulations. These include, state aid rules, worker’s rights and environmental standards.
Talks between London and Washington are due to start this month.