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Following the Brexit Vote 2,500 Jobs Promised for Paris

November 2017, 18
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As a result of Brexit, President of Britain has claimed that Ile-de-France has been assured 2,500 jobs. 

On her Visit to London to meet 70 internationally focused companies, Valerie Pecresse tweeted that "#Brexit: 2,500 jobs already announced for Ile-de-France, with a target of 10,000 by 2019," 

In fact, the total number of jobs could be between 3,500 to 4,000 Since Pecresse's figure is inclusive of large financial companies and does not account small businesses, Chief executive of financial lobby group Paris Europlace, Arnaud de Bresson,  who was part of the visit, told AFP. 

There is a possibility that one the 1st day of Brexit, 10,000 jobs from the UK financial services could move abroad after an alert of 75,000 relocations, said by The Bank of England

Because of Britain's departure from the European Union, Major financial institutions like British bank HSBC, Swiss peer UBS and US firms JPMorgan and Morgan Stanley, have plans to transfer some activities to Paris as well as Amsterdam, Dublin, and Frankfurt. Britain is tied up in tough exit negotiations with the EU but is also set to leave the union in March 2019.

In an effort to make Paris more appalling for firms mobbing operations out of London, The French government decides to cut taxes on high-earning finance sector jobs in September. 

Wages of employees working in firms that are not affected by VAT (Value Added Tax), like banks and insurance firms will be devoid of the marginal tax rate in the 2018 budget. This is applicable to salaries that are more than 152,279 euros ($178,761).

From 1st January 2018, the higher 20 percent rate on salaries above 152,279 euros ($178,761) will disappear and the 13 percent rate applied up to 2013 will be used. With this change, there is an estimation of savings close to 140 million euros for financial firms in 2018. 

Apart from the financial firms, start-ups also look to move from London to Paris.

Deputy Chief marketing officer Eva Peris told The Local "After the Brexit referendum we soon found it a lot harder to grow as a company, A startup is an idea and what drives it is the people. You can't grow as a company if you can't get the right people in."

London once attracted international talent. CEO Jean Meyer states that "I have lost track of the number of developers, marketing managers or data scientists who refused to join us following the Brexit vote," 

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